Apple (NASDAQ: AAPL) became the first company worth one trillion dollars (£767 billion) on Thursday.

The tech giant reached the landmark after it released strong financial results and shares hit a high of $207.05.

Apple beat rivals Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT) to become the first public company to reach the $1 trillion valuation.

Amazon is currently worth $875 billion, Alphabet is valued at $850 billion and Microsoft $823 billion.

“Growth was strong all around the world,” said Apple’s finance chief, Luca Maestri.

Founded in 1976, it took the group 42 years reach the one trillion mark.

The company experienced higher than expected profits for the most recent quarter due to strong sales. Profits reached $11.5 billion in three months on the back of $53.3 billion worth of sales.

Sine the first iPhone sale in 2007, shares in Apple have increased by 1,100 percent and have soared by almost a third in the past year.

The good news for the trillion dollar company was met by bad news for Facebook, who last week suffered the worst day for a single company in US stock market history. The group lost over $120 billion from its value as shares fell over 20 percent.

PetroChina, the world’s fourth biggest oil company by revenue, passed the one trillion dollar mark in 2007. However, the record worth was short-lived due to the collapse in oil prices. Today the group is worth about $220 billion (£167 billion).

 

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