Apple becomes first trillion dollar US company

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Apple becomes first trillion dollar US company skynews apple tim cook 4328300

Shares in the maker of the iPhone X jumped 2.8% to as high as $207.05, passing the $1tn mark in New York trading.

Its stock has soared 9% since Tuesday when Apple’s third-quarter earnings exceeded Wall Street’s expectations.

The company, which was started by Steve Jobs in 1976, has transformed the way people communicate with its ubiquitous iPhone.

When the iPhone was introduced in 2007 it kicked off a smartphone revolution, leaving the giants of the mobile phone industry Nokia and Blackberry struggling for survival.

PetroChina, the world’s fourth biggest oil company by revenue, was the first company to pass the $1tn mark in 2007. It is currently worth about $220bn (£167bn) after the collapse of oil prices and the financial crisis.

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