Despite the news that Apple lost its second place in the smartphone market to Huawei in the past quarter, the iPhone maker is closer than ever to becoming the first trillion dollar company. Following the release of better-than-expected results on Tuesday, the company’s share price climbed almost 6 percent on Wednesday and continued its upward trend on Thursday morning.
While some news outlets already reported that Apple passed the $1 trillion threshold shortly after U.S. markets opened on Thursday, they didn’t consider the fact that Apple updated its outstanding share count on Wednesday, putting the magic number slightly higher than previously thought. Apple’s share price needs to hit $207.04 for the company to hit a market capitalization of $1 trillion. At the time of this writing (11:30AM EDT), Apple’s shares trade just below that threshold, putting the company’s market cap at $997.
As our chart illustrates, Apple reaching a market cap of $1 trillion would have been unthinkable a decade ago. Back in 2008, the company had just released the iPhone, the iPad was still confined to its secretive labs and the financial crisis had brought Apple’s market value down to $76 billion. 10 years and 1.4 billion sold iPhones later, the company founded in a garage in Los Altos, California in 1976 could make history once again.