Tech giant Apple becomes first US-listed firm worth $1tn

Tech giant Apple has become the first US-listed business in history to reach a value of one trillion dollars.

Over the course of Thursday (August 2), the iPhone maker’s share price jumped 2.8% to $207.05, passing the $1tn (c.£762bn) mark in trading on the Nasdaq Stock Market.

Shares in Apple have soared 9% since Tuesday, when the company’s third-quarter earnings passed Wall Street’s expectations.

Before the first iPhone launched in 2007, Apple reported revenues under $20bn and profits less than $2bn, generated through sales of its Mac personal computers the year previous.

But in 2017, the firm became the most profitable public-listed company in the US when it recorded profits of $48.4bn against total sales of $229bn.

Apple has seen its stock skyrocket over 50,000% since its IPO in 1980.

Several of the firm’s competitors are expected to become $1tn-plus businesses in the coming years; Amazon, Microsoft and Google parent company Alphabet are currently worth $875bn, $823bn and $850bn respectively.