Apple hits $1T mark, then slips below

by Harper Neidig - 08/02/18 12:01 PM ET

Apple on Thursday became the first U.S. public company to be valued at $1 trillion dollars.

The tech giant’s market cap briefly hit the milestone Thursday morning when its shares reached $207.05 before dropping slightly again.

Apple’s shares later rose again to a high of $208.38 in the afternoon and closed slightly lower, still holding on to the $1 trillion value.

It’s a largely symbolic achievement for the company, which has seen its shares rise 28 percent over the past year.

{mosads}The benchmark comes after Apple reported a strong second quarter, with $11.52 billion in profits and total revenue of $53.27 billion.

The surge in stock price may have been helped along by Apple’s record share buybacks, a practice where companies inflate shareholder value by purchasing their own stocks.

Buybacks have become increasingly common among U.S. businesses in the months since the Republicans’ tax-cut legislation passed at the end of last year.

The company is only expected to grow from here. And Amazon may soon follow suit. The e-commerce giant exceeded $900 billion in market value last month and has also posted strong earnings in recent quarters.

Updated at 4:13 p.m.

Tags Amazon Apple Donald Trump stock value