Apple reaches US$1 trillion in stock market valuation


Apple Inc AAPL.O became the first $1 trillion (767.75 billion pounds) publicly listed us company on Thursday, crowning a decade-long rise fuelled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

Apple CEO Tim Cook delivers his keynote address at the Worldwide Developers Conference in San Francisco, California June 8, 2015.

Jobs eventually shepherded a decade-long succession of iconic products such as iPhone that transformed Apple from a technological boutique to a cultural phenomenon and moneymaking machine.

Apple's stock has risen over 30 percent in the past year, fuelled by optimism about the iPhone X, launched a decade after the original.

The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September. In its most recent quarter, Apple fetched an average price of $724 per iPhone - a almost 20 percent increase from an average of $606 per iPhone at the same time a year ago.

The quarter also marks a new revenue record for Apple services at US$9.5 billion which is a 31% increase year on year. "Even though today we're talking about the impact of trade or currency war, an issue with China, Apple who makes most of their products in China is hitting this", said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.

USA tech companies have cemented their position in the broader market, now making up the top five most valuable enterprises based on share prices. His vision, showmanship and sense of style propelled Apple's comeback. But it might not have happened if he hadn't evolved into a more mature leader after his exit from the company in 1985.

Jobs remained mercurial when he returned to Apple, but he had also become more thoughtful and adept at spotting talent that would help him create a revolutionary innovation factory.

Cook took over as CEO in 2011 after Jobs died of pancreatic cancer.

In a memo to Apple's more than 120,000 employees that was seen by Reuters, Cook called the valuation a "significant milestone" that gave the company "much to be proud of".

Apple's stock market value is greater than the combined capitalisation of Exxon Mobil XOM.N , Procter & Gamble PG.N and AT&T T.N .