Apple has become America's first trillion-dollar company

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Apple Chief Executive Tim Cook has a trillion reasons to smile.

Apple on Thursday become the first United States company worth more than $1 trillion on a public stock market. It became the first $900 billion company exactly nine months ago, on November 3, 2017.

The iPhone-maker entered the rarefied air of a 13-digit market cap as its share price hit $207.05.

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

The Dow Jones Industrial Average slipped 7.66 points (0.03 per cent) to 25,326.16, while the broad-based S&P 500 rose 13.86 points (0.49 per cent to 2,827.22). In fact, while the company's iPhone earnings for the quarter grew 20% year-over-year because of higher smartphone ASPs, Apple's services revenue grew 31% year-over-year as the company has been expanding its offerings for some time now.

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One of five US companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc GOOGL.O or Amazon.com Inc AMZN.O if it does not find a major new product or service as global demand for smartphones loses steam.

Hit parade: Apple pioneered personal computing back in the 1980s but almost went bankrupt in the 1990s.

As the company's market value climbed over the decades, it revolutionized how consumers communicate with each other and how companies conduct business on a daily basis.

Before the release of the iPhone, Apple was reporting revenue of less than $20bn and profits of less than $2bn from the sale of its Mac personal computers in 2006.

While the thirteen digits don't lie, BusinessWeek's 1996 assessment of Apple wasn't that far-fetched. "Apple went from hip to has-been in just 19 years", wrote the publication at the time.

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

PetroChina was briefly worth about $1.1 trillion after floating in Shanghai in 2007, although most of its shares were held by the Chinese government. It is now worth about $200 billion, according to Thomson Reuters data.

Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.

Amazon is the second most valuable company at $885 billion and Alphabet, the parent of search leader Google, is worth about $860 billion.

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