Financial fruit: Apple becomes first trillion-dollar publicly-traded company

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Apple became the first $1 trillion on Thursday, briefy crossing the lofty mark in a closely-watched rise in stock market history.

Shares of Apple briefly hit $207.05 in late-morning trading, before retreating somewhat.

That price translates to a $1 trillion market cap, based on the current estimated number of outstanding shares.

Apple has won the race to a $1 trillion valuation ahead of its so-called FAANG rivals (Facebook, Amazon, Netflix, Google).

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

September 1985: Jobs leaves Apple after a power struggle with chief executive John Sculley. "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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On the call, Jefferies & Co. analyst Brent Thill said that "many investors are having a hard time reconciling that deceleration". More likely, though, market buzzards are holding off because of how quickly some analysts are turning on the company.

The company's fortunes were turbocharged by the launch of personal gadgets such as the iPod in 2001 and the iPhone in 2007.

Last year, sales had risen to $229bn and profits to $48.4bn, making it the most profitable public-listed U.S. company.

Earlier today, the tech firm's own stock app jumped the gun and mistakenly said Apple had already broken this milestone. Shares of Apple this week traded at about 15 times expected earnings, compared to Amazon at 82 times earnings and Microsoft at 25 times earnings. Since Jobs' death seven years ago, Apple has continued its remarkable growth trajectory.

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

In addition, that is, to shepherding a decade-long succession of iconic products that transformed Apple from a technological boutique to a cultural phenomenon and moneymaking machine.

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