Apple hits record market capitalisation of $1 trillion

NEW YORK: Apple on Thursday became the first publicly traded US corporation to reach a market capitalization of $1 trillion, beating other tech giants, such as Amazon, Alphabet and Microsoft, in the race to reach the milestone.

After closing up nearly 6 percent in the previous trading session, Apple shares climbed another 2.4 per cent on Thursday, hitting $207.05, the price needed to reach a $1 trillion market cap, or total stock market value, at 11.50 a.m, Efe reported. Apple shares have been on a tear since Tuesday, when the tech giant reported strong 2018 fiscal third-quarter earnings.

The Cupertino, California-based company earned $2.34 per diluted share in its fiscal third quarter, up 40 percent from the same period in 2017. (IANS)