Apple has officially become the world’s first company to cross the trillion dollar mark, as stocks spiked upward following Tuesday’s quarterly results. According to CNBC, stocks rose nearly three percent, hitting a high of $207.05 in midday trading today before dropping back below $207 again.
While 9to5Mac noticed Apple’s own Stocks app — based on Yahoo Finance — reporting that Apple had already hit the mark, it took Google Finance a while to catch up, as the Yahoo Finance numbers were based on outdated information regarding outstanding shares. The trillion dollar market capitalization is based on the company’s total outstanding shares — 4,829,926,000 in this case — multiplied by the price of each share, meaning the stock price had to reach $207.05 for Apple to cross the threshold.
Apple’s stock has since dropped down below $207, placing its current market cap at only $999 billion, although Apple still retains the distinction of being the first company to reach one trillion dollars in valuation, even if only for a few moments, beating out rivals like Amazon, Microsoft, and Google’s Alphabet..