Apple Computers made history this week, becoming the first company to hit a market cap of $1 trillion in the United States.
According to CNBC, the technology giant that began in a California garage was valued over $1T as its shares hit a record high of $207; posting gains of over 3%.
“Based on a recently adjusted outstanding share count of 4,829,926,000 shares, a stock price of $207.05 nudged Apple over the finish line in the race to $1 trillion. Investors had previously been looking for a share price of $203.45, but the company’s hefty stock buybacks moved the threshold higher,” writes CNBC.
“I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades,” said one industry insider. “This is not the end, that they hit $1 trillion. I view this as just kind of speaking to a new stage of growth and profitability.”
Read the full report here.