Apple officially becomes the first $1 trillion company

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Shares of the world's most valuable public company briefly climbed above $207.04, making it worth $1 trillion overall.

Apple Inc. became the first $1 trillion publicly listed USA 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.

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The milestone comes a day after Apple reported blockbuster quarterly earnings.

Apple shares rose 2.7 per cent to an all-time high of $207.05 around midday. Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares.

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Other technology companies with high-flying, trendy stocks are expected to join Apple in the $1 trillion club before long. After launching the iPhone - arguably its most famous product - in 2007, Apple now churns out over 40 million of the devices every quarter, helping it rake in $254.63 billion in revenue past year. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a USA public company. "A clean beat on the path to $1 trillion".

The iPhone maker was named as the only publicly listed United States company to be valued at $1,000,000,000,000 just before 5pm this afternoon.

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Other companies have come close to the mark, but no public United States company has hit a $1 trillion valuation. But that peak coincided with a Chinese stock-market bubble, and PetroChina's shares would lose $800 billion in value over the next 10 years. Apple is now up more than 20% this year.

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