Apple becomes first US public company worth $1 trillion
Q3 earnings report bolsters stock to record amount, maintained to market close
Yesterday, rising Apple stock lifted the company to close the market with a value of $1 trillion. It is the first publicly traded US company to reach the milestone.
Apple stock has flirted with the record for months now, but a promising Q3 earnings report put the stock price over the edge, closing at $207.39 per share with an outstanding total of 4,829,926,000 shares. The stock saw a peak during the day of $208.38 per share.
The company saw a record net revenue in Q3 of $53.3 billion primarily led by sales of the iPhone, which totaled 41.3 million units over the period. Apple exceeded analyst and guidance expectations, seeing 17% YOY growth. In light of these results, Apple stock climbed around 9% from Tuesday to Thursday, seeing a 2.9% increase Thursday to reach the record.
In a memo to employees regarding the milestone reported on by Reuters, Apple CEO Tim Cook said, "Financial returns are simply the result of Apple's innovation, putting our products and customers first, and always staying true to our values."