Apple officially became the first American company to hit a market capitalization of a trillion dollars on Thursday during the intraday trading. The news came as the shares crossed $207 mark.
Market cap is given as number of shares multiplied by the current stock price. For a long time it was being anticipated that Apple will become the first American company to hit this milestone. Recently the race for hitting this trillion dollar valuation was was joined by Amazon and Google’s parent company Alphabet due their steady growth and high market capitalization .
But Apple beat out both Amazon and Alphabet due to its strong third quarter results with revenue of $53.3 billion.But, this isn’t the only thing that helped Apple reach this milestone, the overwhelmed excitement for its products that are about to be released later this year, which probably include the three iPhone’s (one with LCD display and two with OLED), Apple Watch Series 4, a bezel less iPad Pro and the upgraded MacBooks.
