Apple on Thursday become the first US company worth more than $1 trillion on a public stock market.
The company on Tuesday reported second-quarter earnings that topped Wall Street's expectations, sending shares surging by more than 5% into Wednesday. The rally continued on Thursday, propelling shares to the magic number of $207.05. That price translates to a $1 trillion market cap, based on the current estimated number of outstanding shares.
In the more than four decades since Steve Jobs founded the company in a California garage, Apple has become nearly synonymous with personal computing and mobile devices. 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 last year.
Adjusted for splits, Apple's stock price has risen nearly 40,000% since its initial public offering in 1980.
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