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Apple Hits $1 Trillion in Market Cap

Beating rivals like Amazon and Microsoft

Apple

Apple has become the first publicly traded U.S. company to reach $1 trillion in market cap.

In New York on Thursday, The iPhone makers market value reached $1 trillion and its shares closed at a new high record of $207.39.

The stock which has been rising since Tuesday when it reported better than expected results for the three months to June.

Apple defeated its Silicon Valley rivals like Amazon and Microsoft to become the first to hit the $1 trillion valuation.

Despite its $1 trillion price tag, many analysts still do not view Apple’s shares as expensive given that they trade at about 15 times expected profits, compared with a figure of 82 for Amazon and 25 times for Microsoft.

Also boosting Apple shares in recent months was the company’s decision to set aside $100bn to buy back stock.

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