Apple hits $1T mark, then slips below
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.