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Apple Becomes First U.S. Company to Hit $1 Trillion Valuation

A strong quarterly earnings report caused the company’s value to surge in recent days.

Apple on Thursday became the first U.S. company with a $1 trillion market value. The company’s stock briefly rose past $207.04 per share after a 2.5 percent surge, breaking the $1 trillion market cap with close to 5 billion shares out on the market. The company recently reported a quarterly revenue of $53.3 billion, causing the tech company’s value to rise steadily over recent days. The rise could be attributed to the success of iPhone sales, which have risen 20 percent, causing a 17 percent increase in overall revenue compared to the numbers from June 2017. Amazon and Apple were thought to be the two top contenders to hit the milestone, but it was unclear which company would reach it first.