Apple hits $1 trillion mark

Posted on JAN 25, 2019

The milestone comes after Apple reported a strong second quarter, with a total revenue of $53.27 billion. It's the first American public company to hit $1 trillion.

Appleon Thursdaybecame the first U.S. public company to bevalued at $1 trillion dollars, ABC News reported Thursday.

The tech giant's market cap briefly hit the milestoneThursdaymorning before dropping slightly again. Apple's shares were hovering near the record $207.05 price most of the morning.

It's a largely symbolic achievement for the company, which has seen its shares rise 28 percent over the past year. Crossing the $1 trillion mark has been expected and reported on in the days leading up to the monumental feat, according to Fox Business.

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 sincethe Republicans' tax-cut legislation passed at the end of last year.