Apple first company to reach $1T market capitalization

By Ovunc Kutlu

NEW YORK (AA) - Apple become the first company to ever reach a market value of $1 trillion on Thursday.

After closing at $201.50 Wednesday on the New York Stock Exchange (NYSE), Apple’s stock gained 2.75 percent to $207.05 at 11.49 a.m. (1549GMT) to push it over the $1 trillion threshold.

The historic milestone came two days after the firm announced an increase in its net income and revenue year-over-year that beat expectations.

Revenues rose 17.3 percent to $53.26 billion in the second quarter, from the same period last year, while net income jumped 32.1 percent to $11.52 billion during that period, according to the company’s earnings released Tuesday after the final bell.

While iPhone sales increased 0.6 percent to 41.3 million during that period, iPad sales increased 0.9 percent to 11.5 million; but, Mac sales fell 14 percent to 3.7 million.

Apple also gained $9.55 billion revenue from services such as AppleCare and ApplePay, which grew 31.4 percent. Revenue from other products, such as Apple TV and Apple Watch rose 37 percent to $3.74 billion.

The company said its share count was 4,829,926,000 as of July 20, according to its quarterly filing to the Securities and Exchange Commission.

Close behind Apple to reach the $1 trillion dollar mark is Amazon, with approximately $879 billion market capitalization.