Apple has become the first publicly traded company in the world to be valued at $1 trillion.
The tech company’s stock jumped 2.8 percent to as high as $207.05 around midday today, bringing its gain to about 9 percent since Tuesday when it reported June-quarter results above expectations and said it bought back $20 billion of its own shares, Daily Mail reports. The iPhone maker’s shares are up 22 percent so far this year.
The company, which was started 42 years ago by two mavericks named Steve Jobs and Steve Wozniak, teetered on the edge of bankruptcy in 1997, with its stock trading for less than $1. In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion.
By last year, its sales had grown more than 11-fold to $229 billion – the fourth highest in the S&amP 500 – and net income had mushroomed at twice that rate to $48.4 billion, making it the most profitable publicly-listed U.S. company.
(Photo credit: Apple)