Apple's share price pulled it to $1 trillion in market capitalization on Thursday.
The iPhone-maker entered the rarefied air of a 13-digit market cap as its share price hit $207.05. Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares.
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That price translates to a $1 trillion market cap based on the current estimated number of outstanding shares.
Apple traces its origins to the garage of co-founder Steve Jobs in 1976 and was initially best known for its Mac personal computers before its smartphone paved the way for the app economy. 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 a year ago. The tech giant had relatively flat iPhone sales but increased its revenue thanks largely to higher-priced models including the iPhone X, with a list price of just under $1,000. Under CEO Tim Cook, Apple also has embraced the internet, with its thriving services business helping propel the company toward the new milestone. Apple announced $100 billion in stock buybacks on May 1, the largest repurchase ever by a US public company.
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Other companies have come close to the mark, but no public U.S. company has hit a $1 trillion valuation.
One of five US companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet or Amazon.com if it does not find a major new product or service as demand for smartphones loses steam.
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