Apple becomes first $1 trillion company

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Apple just became the first company to be worth $1 trillion on the public markets.

Apple has just won the race to be the first one trillion dollars publicly traded tech company after it's share price passed $207.04 a share today.

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. As a result, Apple has become the first company in history with a market cap in excess of $1 trillion. This is not the end, that they hit $1 trillion.

This meant that Apple shares had to reach $207.04 per share before breaking $1 trillion.

The company founded by Steve Jobs, however, is not the first to achieve this feat.

Mr Jobs died in 2011 and was succeeded as chief executive by Tim Cook.

Apple, which has seen its stock surge more than 50,000% since its stock market listing in 1980, has struggled to produce a product that replicates the success of the iPhone.

By a year ago, its sales had grown more than 11-fold to $229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly-listed United States company.

The milestone reinforces the massive power Apple has in the tech world - and with its momentum, the company is poised to further shake up Hollywood with an expected video-subscription launch some time later this year.

The tech giant's stock jumped 2.8% to as high as $207.05 in afternoon trading in NY.

In 2015, Apple joined the Dow Jones Industrial Average, one of capitalism's most exclusive clubs.

This year saw a slew of new Macbook Pro models, the Apple HomePod and rides on the tail of the late-2017 launch of the iPhone X.