Apple hits $1 trillion market cap

Apple becomes world’s first trillion-dollar company

In a memo to employees obtained by Reuters, Tim Cook, Apple's chief executive, praised his team for the milestone, but reminded them it was not the most important measure of the company's success.

"Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values", Cook said in the memo.

Other companies have come close to the mark, but no public United States company has hit a $1 trillion valuation.

In the more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest USA company by market value.

Together with Facebook, the five largest USA companies account for 15 percent of the S&P 500. "We still see upside from it, and as new money gets deposited we continue to buy, preferably on the dip", Carbone said.

On Tuesday, Apple reported that net profit jumped more than 30 percent to $11.5 billion. Also propelling Apple higher in recent months was Apple's announcement that it earmarked $100 billion for a new share repurchase program. Those earnings beat Wall Street expectations on the top and bottom lines, but iPhone sales fell slightly short.

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The market cap is the company's total market value, calculated by multiplying the value of its stock times all shares outstanding.

Now, the non-hardware services category is fuelling Apple's continued growth.

As with other landmarks - such as the Dow crossing 25,000 for the first time - the Apple record is significant because of its resonance beyond the financial universe.

After initially offering its stock at $22 per share on December 12, 1980, Apple closed around $29 a share, or about $0.02 after adjusting for stock splits and dividends, according to data from Yahoo Finance. "It's one of those things that does not mean anything by itself.it's more a testimony of the importance of Apple on the market".

PetroChina briefly crossed it in November 2007, but for less than a day. Hot on Apple's heels is Amazon.com, the second-largest listed USA company by market value, at around $880 billion, closely followed by Google-owner Alphabet and by Microsoft.

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