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| Apple is first public company worth $1 trillion | Apple is first public company worth $1 trillion |
| (35 minutes later) | |
| Apple has become the world's first public company to be worth $1 trillion (£767bn). | Apple has become the world's first public company to be worth $1 trillion (£767bn). |
| The iPhone maker's market value reached the figure in late morning trading in New York as its shares rose to a new record high above $207. | The iPhone maker's market value reached the figure in late morning trading in New York as its shares rose to a new record high above $207. |
| The stock has been rising since Tuesday when it reported better than expected results for the three months to June. | The stock has been rising since Tuesday when it reported better than expected results for the three months to June. |
| Apple beat Silicon Valley rivals such as Amazon and Microsoft to become the first to hit the $1 trillion valuation. | Apple beat Silicon Valley rivals such as Amazon and Microsoft to become the first to hit the $1 trillion valuation. |
| Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped almost a third in the past year. | Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped almost a third in the past year. |
| The rise is even more astonishing - 50,000% - since the company first listed in 1980. That dwarfs the 2,000% increase for the S&P 500 over the same period. | The rise is even more astonishing - 50,000% - since the company first listed in 1980. That dwarfs the 2,000% increase for the S&P 500 over the same period. |
| 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. | 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. |
| Mr Jobs, who died in 2011 and was succeeded as chief executive by Tim Cook, oversaw the development of the iPhone, which transformed Apple's fortunes. | Mr Jobs, who died in 2011 and was succeeded as chief executive by Tim Cook, oversaw the development of the iPhone, which transformed Apple's fortunes. |
| In 2006 the company had sales of less than $20bn and posted profits of almost $2bn. | In 2006 the company had sales of less than $20bn and posted profits of almost $2bn. |
| Last year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed US company. | Last year its sales hit $229bn, with profits of $48.4bn, making it the most profitable listed US company. |
| PetroChina was briefly worth about $1.1 trillion after floating in Shanghai in 2007, although most of its shares were held by the Chinese government. It is now worth about $220bn. | PetroChina was briefly worth about $1.1 trillion after floating in Shanghai in 2007, although most of its shares were held by the Chinese government. It is now worth about $220bn. |
| Analysis | Analysis |
| By Dave Lee, North America technology reporter | By Dave Lee, North America technology reporter |
| It may have been the vision of Steve Jobs that hurtled Apple towards this milestone, but it was the business acumen of Tim Cook that tipped them over. | It may have been the vision of Steve Jobs that hurtled Apple towards this milestone, but it was the business acumen of Tim Cook that tipped them over. |
| While other tech stocks have struggled, Apple has soared ahead. The surge in its shares has been driven by two key factors. | While other tech stocks have struggled, Apple has soared ahead. The surge in its shares has been driven by two key factors. |
| It is selling fewer iPhones, but by releasing a more expensive version last year, it is making more money per device. | It is selling fewer iPhones, but by releasing a more expensive version last year, it is making more money per device. |
| Apple has also diversified the sources of its profits. It now makes about $10bn every three months from services such as selling apps, cloud storage and music streaming. | Apple has also diversified the sources of its profits. It now makes about $10bn every three months from services such as selling apps, cloud storage and music streaming. |
| The firm told investors this week that it expected a very strong end to the year helped, naturally, by the release of yet another new iPhone. | The firm told investors this week that it expected a very strong end to the year helped, naturally, by the release of yet another new iPhone. |
| Stock markets are volatile, and a small but growing threat from Chinese smartphone makers might eat into Apple's margins in the coming years. | Stock markets are volatile, and a small but growing threat from Chinese smartphone makers might eat into Apple's margins in the coming years. |
| But no matter what your view of the company and its products, Apple devices have changed the world - and today made financial history as well. | But no matter what your view of the company and its products, Apple devices have changed the world - and today made financial history as well. |