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Apple on Thursday become the first United States company to be worth more than $1 trillion on a public stock market.

The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007.

However, because the company readjusted its share count due to buybacks at the close of Q3, Apple's stock price actually needed to hit about $207.05 per share before it can claim the title as the first trillion dollar company.

Other technology companies with high-flying, trendy stocks are expected to join Apple in the $1 trillion club before long.

The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1. While year-over-year iPhone sales increased by just 1% this past quarter, iPhone-based revenue jumped by a whopping 20%. Also propelling Apple higher in recent months was Apple's announcement that it earmarked US$100 billion for a new share repurchase programme. "A clean beat on the path to $1 trillion".

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In its report on Tuesday, Apple sales led by the iPhone X, which sells for about US$1,000, pushed quarterly results far beyond Wall Street targets, with subscriptions from App Store, Apple Music and iCloud services bolstering business.

The rise is even more astonishing - 50,000% - since the company first listed in 1980.

Amazon, Google owner Alphabet and Microsoft have all rallied to near record highs this year, too.

As Bloomberg pointed out, the number of shares outstanding has been falling about 1.3% per quarter as Apple buys back its shares.


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