Apple is America’s first trillion-dollar company

Apple has won the race to become the first Us-listed company to be valued at a trillion dollars, beating competition from Amazon, Alphabet and Microsoft. The tech giant reached the milestone less than a year after breaking through the $900bn (£690bn) mark. It reached its goal when its shares hit $207.05.

APPLE has won the race to become the first Us-listed company ever to be valued at a trillion dollars, beating competition from Amazon, Alphabet and Microsoft.

The tech giant reached the guidepost less than a year after breaking through the $900bn (£690bn) mark. Apple’s second quarter results published earlier this week showed a jump in iphone sales to 41.3m, a slight increase on last year. The news sent shares to within touching distance of a $1 trillion market cap.

Apple reached its goal in afternoon trade yesterday when its shares climbed to $207.05. They later closed at $207.39.

Ahead of its results, Apple led with a market valuation of $954.6bn, followed by Amazon on $877bn, Google’s parent Alphabet with $871bn and Microsoft with $749bn.

Apple, however, is not the first company in the world to have had a $1 trillion market value. Petrochina briefly recorded a market value of $1 trillion in 2007, after its shares trebled on their first day of trading in Shanghai, although the Chinese state owned 86pc of the company, leaving a tiny free float. The oil company is now worth $210bn.

Ben Wood, chief of research at analyst firm CCS, said: “Hitting a $1 trillion valuation is yet another remarkable milestone in the incredible journey Apple has taken since Steve Jobs pulled the iphone out of his pocket in January 2007.”

Apple is set to unveil its biggest rise in profits since late 2015 in the third quarter, with forecast earnings of $52.9bn, boosted by pricier iphones and its app store.