×

Apple Hits $1 Trillion Market Cap, First U.S. Company to Reach Milestone

UPDATED: Apple officially reached a market capitalization of $1 trillion as it stock surged again Thursday, making it the first U.S. company to hit the massive valuation.

The milestone reinforces the massive power Apple has in the tech world — and with its momentum, the company is poised to further shake up Hollywood with an expected video-subscription launch some time later this year.

Apple’s stock hit a high of $207.05 per share in trading just before noon ET, putting it at the $1 trillion mark. That came after a 5.9% surge a day earlier. Shares vacillated around that threshold, and were trading at $207.52 per share as of 1:45 p.m. ET (up 3% on the day), meaning the company was just over the trillion-dollar point. Apple shares closed Thursday at $207.39 (+2.9%), yielding a market cap of $1.002 trillion.

Earlier Thursday morning, Apple’s own Stocks app (which uses data from Yahoo Finance) incorrectly reported that the company’s market cap was over $1 trillion because it didn’t factor in the reduction in shares outstanding after Apple’s $100 billion stock buyback announced on Tuesday (July 31).

Bullish investors have rallied after the company’s results for the June 30 quarter that handily beat Wall Street forecasts and its upbeat guidance for the September quarter with refreshed products expected this fall.

With a market cap of $1 trillion, Apple has a value greater than the gross domestic product of most countries in the world, including Turkey, Switzerland, Saudi Arabia and Taiwan.

The race to a $1 trillion market cap — symbolic as it is — has been closely watched on Wall Street. Some analysts expected Amazon, which also has continued to turn out stellar earnings, to be first to the mark. On Thursday, Amazon’s market capitalization was around $874 billion.

Apple technically wasn’t the first company to the $1 trillion market-cap mark. That was Chinese oil and gas giant PetroChina, which briefly topped $1 trillion in market value with its IPO in 2007, before the share price declined.

Apple generates billions from hardware sales: It had $29.9 billion in iPhone sales, up 20% year over year, during the June 30 quarter. On top of that, it has built a large and fast-growing business with the App Store, iTunes, Apple Music and other services, which pulled in $9.55 billion in sales in the most recent quarter.

Now Apple is plugging original entertainment into that chain. Last year it hired former Sony Pictures Television execs Jamie Erlicht and Zack Van Amburg, who have a slate of at least 20 original series in development or production with Steven Spielberg, M. Night Shyamalan, Damien Chazelle, Reese Witherspoon and Jennifer Aniston, among others. Apple also inked a multiyear content deal with Oprah Winfrey in June. Apple so far has remained mum about how it will release the original programming, but industry observers expect it to be a subscription-based model.

More Digital

  • Shawn Strickland, Tony DiSanto - Allyance

    Tony DiSanto's Allyance Media Taps Verizon Veteran Shawn Strickland as President (EXCLUSIVE)

    Shawn Strickland, a veteran of Verizon and Complex Media, has joined Tony DiSanto’s Allyance Media Group as president. In the role, Strickland is heading up business operations and spearheading partnerships for the multiformat media and production company. DiSanto and financier Matthew Bruderman formed Allyance Media Group last year. The New York-based company encompasses DIGA Studios, [...]

  • Ridley Scott DGA lifetime achievement award

    Netflix Adds Sion Sono, Ridley Scott and ‘Grudge’ Films to Japan Originals Slate

    Netflix unveiled its lineup of original programming from Japan. It includes major local and international names. Among the most highly anticipated entries is “Ai-naki Mori de Sakebe” (literal translation: Shout in the Loveless Forest), a three-part series inspired by a real multiple murder case set to stream this summer. The director is international cult favorite [...]

  • Stuber

    ‘Stuber’ Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by the always-on TV ad measurement and attribution company iSpot.tv, Twentieth Century Fox claims the top spot in spending with “Stuber.” Ads placed for the comedy had an estimated media value of $4.91 million through Sunday for 1,325 national ad airings on 42 networks. [...]

  • Andy Signore Screen Junkies

    'Honest Trailers' Creator Andy Signore Settles Defy Media Suit

    Andy Signore, the creator of Screen Junkies’ “Honest Trailers,” has settled a lawsuit against Defy Media challenging his firing for alleged sexual misconduct. Signore was one of the first figures to lose his job in the aftermath of the Harvey Weinstein harassment revelations in October 2017. Defy Media, which then owned Screen Junkies, terminated him [...]

  • Joyride

    With Joyride, Everyone Can Host Their Own HQ Trivia

    When mobile game developer Kiwi first released Joyride, the app looked familiar: Similar to wildly popular HQ Trivia, Joyride offered players the ability to win quiz shows in live broadcasts. The key difference: Joyride’s app wasn’t home to just one trivia show, but multiple shows around topics like music, dating, fandom, and yes, trivia, all [...]

  • Etika-Desmond-Amofah

    Gaming YouTuber Desmond 'Etika' Amofah Found Dead, NYPD Says

    Desmond Amofah, a YouTube gaming vlogger known online as “Etika,” was found dead by New York police on Tuesday after he was reported missing last week. He was 29. Amofah posted YouTube videos and live-streams focused on Nintendo games and other titles. A body later confirmed to be Amofah’s was found in the East River on [...]

  • Paula Pell

    Quibi Orders Comedic Murder Mystery From Lorne Michaels, 'SNL' Alums

    Quibi keeps shelling out cash for content: Jeffrey Katzenberg’s richly funded startup has ordered a short-form murder-mystery comedy written by and starring former “Saturday Night Live” writers Paula Pell and John Lutz, and executive produced by Lorne Michaels’ Broadway Video alongside Seth Meyers and Mike Shoemaker. In “Mapleworth Murders,” Pell (pictured above) is Abigail Mapleworth, [...]

More From Our Brands

Access exclusive content