Following strong third quarter earnings, Apple has officially become the world’s first trillion-dollar company. The company broke the $1 trillion barrier when its stock hit the share price of $207.05.
Heading into Thursday’s trading session, Apple shares were up 19.1 percent so far in 2018. As in previous years, this rise in stock price is due to the wildly popular and successful iPhone. Apple was able to pull ahead in the trillion-dollar race against other large companies such as Amazon, Microsoft, and Google’s parent company, Alphabet. As of Tuesday, Amazon’s market cap topped in at $877 billion, Alphabet came in with $858 billion, while Microsoft finished with $817 billion.
Apple isn’t jut making it big with the iPhone either. The Cupertino firm also generates significant income from its services such as the App Store, Apple Pay, and iCloud. In its most recent fiscal third-quarter, services revenue jumped 31% to $9.55 billion.
According to chief market strategist, Joe Quinlan, at the U.S. Trust in New York, Apple would rank as the 15th biggest economy in the world if it were a sovereign nation.