Apple becomes world's first trillion-dollar company

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Apple shares topped $207 on Thursday, pushing the company to a market capitalization of $1 trillion just before noon, before falling back to around $206.

The company's share jumped by more than 8% this week after it reported impressive quarterly earnings on Tuesday, driven largely by increase in sales of iPhones.

Meanwhile, Amazon had the second-largest US market cap as of Wednesday, which was around $872.5 billion, according to Business Insider.

Jeff Carbone, co-founder of Cornerstone Financial Partners in Charlotte, North Carolina, has included Apple in his clients' portfolios for about a decade.

Launched on a shoestring budget in a Silicon Valley garage more than four decades ago, Apple survived a near-miss with bankruptcy before soaring to a trillion-dollar market value on Thursday.

"Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion", said Luca Maestri, Apple's CFO. "It's one of those things that does not mean anything by itself... it's more a testimony of the importance of Apple on the market".

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Jobs eventually introduced popular products such as the iPod and iPhone that subsequently drove Apple's rise.

Apart from Apple it seems Amazon is also expected to reach the $1 trillion mark soon. Those changes are giving Apple a fundamentally different financial look, and investors haven't yet been forced to confront how much this altered Apple should be worth. Breaking that threshold (even just for a moment since the shares blipped back down) was obviously a huge milestone, but now the company has thoroughly etched its name into the record books by closing at over $1 trillion. Since Cook became CEO, Apple's annual revenue has more than doubled to $229 billion while its stock has quadrupled.

Behind Apple are Amazon, Google parent Alphabet, Microsoft and Facebook.

While Apple should do well in the near future, it is also true that share prices can go down as well as up.

The landmark is the latest victory for Apple chief executive Tim Cook, who faced skepticism when he took reins of the iconic technology giant in 2011.

The company founded by Steve Jobs, however, is not the first to achieve this feat. "This trinity established Steve's vision and created the Apple we know today".