Apple becomes world's first public company worth $1 trillion

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Though Apple is not the first publicly traded company to exceed the $1 trillion dollar mark - PetroChina tipped over it nearly a decade ago - it is the first American company with the distinction, reaching the milestone ahead of competitors Alphabet, Microsoft, and Amazon.

Apple's final push to the $1 trillion mark came on the back of Tuesday night's fiscal-third-quarter earnings report - one that encouraged Wall Street's pros and individual investors alike by most measures.

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

"What a great day", said Kawasaki, referring to Jobs and his co-founder, Steve Wozniak.

Its stock surged to its biggest gain in a year and a half today, soaring above the $207.04 value required for Apple to become a trillion dollar firm.

"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.

June 2015: Apple Music streaming service launches including internet radio from Beats, a startup Apple bought the prior year in a deal valued at $3 billion. "Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline".

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Apple CEO Tim Cook has a photo taken during an Apple event at the main store in Chicago.

That has raised concerns that Apple has become far too dependent on the iPhone, especially since iPad sales tapered off several years ago.

The milestone also means that Apple is worth more than just about any country on the planet, there are only 16 that it is worth less than.

United States Steel Corp plummeted 10.3 per cent after the company's forecasts fell below some analyst expectations in light of higher steel prices. However, it depends on knowing the number of shares, which is affected by Apple's buybacks.

Apart from Apple it seems Amazon is also expected to reach the $1 trillion mark soon.

Apple is the first private sector company to reach this level. Cook insisted what Apple was doing was legal and in the best interest of shareholders, given the offshore money would have been subjected to a 35 percent tax rate had if it were brought back to the U.S.