Apple Becomes First U.S. Company to be Worth $1 Trillion

Apple becomes world's first trillion dollar company

Apple hits $1 trillion stock market valuation

Apple Inc updated its latest share count on Wednesday, putting the magic stock price at $207.04 that would make the iPhone maker the first publicly listed US company valued at $1 trillion.

In 2007, PetroChina Company's market cap surpassed the $1-trillion mark though the Chinese company's complex structure ensured that most of the shares stayed with the government, The Wall Street Journal reported. The company also boosted its revenue from services, including Apple Music and the app store. Analysts polled by Bloomberg have an average price target of $212.79, which would translate to a market cap of $1.046 trillion. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a USA public company. Its shares remained close to the record $207.05 throughout the day.

This makes Apple worth more than the economies of countries such as Saudi Arabia, Switzerland and Taiwan.

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Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

More recently, Apple has been in a race to $1 trillion with Seattle-based e-commerce giant Amazon, which is now valued around $879 billion. After launching the iPhone - arguably its most famous product - in 2007, Apple now churns out over 40 million of the devices every quarter, helping it rake in $254.63 billion in revenue past year.

This meant that Apple shares had to reach $207.04 per share before breaking $1 trillion.

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