Apple becomes first American public company to be worth $1,000,000,000,000 — briefly

Tim CookTim Cook
Apple CEO Tim Cook. (Apple Photo)

Update, 1:45 p.m. PST: As the market closed, Apple exceeded $1 trillion in valuation, finishing at $207.39 per share.

That’s a lot of zeroes.

Apple has been hovering just below a market capitalization, or valuation, of $1 trillion for a while now, but a strong showing in its third quarter earnings pushed shares upwards today. The tech giant crossed the $1 trillion threshold when it hit $207.04 per share earlier this morning, though it has since trended down.

The company beat Wall Street expectations on Wednesday with $53.3 billion in third-quarter revenue, up 17 percent from the same quarter last year. It was the company’s strongest June quarter in history, bolstered by sales of the iPhone X (which retails at $999), wearables, and services. Apple also forecast a strong fourth quarter, posting a revenue guidance of between $60 and $62 billion.

Though there’s been chatter of a tech meltdown as Facebook and Twitter shares plummeted after poor earnings showings and a possible time of reckoning, other tech giants like Apple, Amazon, Alphabet, and Microsoft have all posted strong earnings in the last quarter.

In fact, Amazon, Alphabet, and Microsoft could soon be joining Apple over the $1 trillion threshold — currently, they’re worth $886 billion, $844 billion, and $825 billion respectively. Apple is the first American public company to hit the mark. According to CNN, oil company PetroChina previously hit the valuation for a few moments when trading in Shanghai in 2007.

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