Apple crossed the threshold in Thursday trading following a strong third-quarter report that showed earnings beat expectations and also showed increased revenue from the technology giant's services and software businesses.
However, because the company readjusted its share count due to buybacks at the close of Q3, Apple's stock price actually needed to hit about $207.05 per share before it can claim the title as the first trillion dollar company. The rally continued on Thursday, propelling shares to the magic number of $207.05 apiece. According to a quarterly report that Apple filed with the SEC on Wednesday, the company had 4,829,926,000 shares outstanding as of July 20, the most recent figure available. 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 previous year. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest US company by market value.
The rise is even more astonishing - 50,000% - since the company first listed in 1980.
Wall Street loved it. Apple climbed almost 9 percent since the earnings report. A company's market value is calculated by multiplying its current share price by the total number of shares investors hold. But that peak coincided with a Chinese stock-market bubble, and PetroChina's shares would lose $800 billion in value over the next 10 years.
We'll be monitoring Apple's stock price closely to see if it's able to really become the first trillion-dollar company.