Apple has today become only the second company in the world to be valued at more than $1 trillion - the first being PetroChina back in 2008 (it's now worth just over a fifth of that value).
It comes after Apple's share price was pushed up following the announcement of better-than-expected third quarter financial results late on Tuesday, when the company posted net income up 32 per cent to $11.5 billion and revenues up 17 per cent to $53.3 billion.
In particular, investors were buoyed by the disclosure that the average iPhone selling price has reached $724 - against an anticipated $694 - pushed up by the popularity of the £999 Apple iPhone X flagship smartphone that many had written off shortly after its launch.
The popularity of the iPhone X helped to push up sales of iPhones in revenue terms, although they only increased by one per cent in terms of unit sales.
Apple's Services unit, which includes iTunes and the App Store, saw sales increase 37 per cent to $9.5bn. Apple Music sales leaped 50 per cent on the year. Even Apple Watch sales were up, according to Cook, by 40 per cent or more.
Indeed, Cook had hailed what he described as "Apple's best June quarter ever" and its "fourth consecutive quarter of double-digit revenue growth", claiming that the results had been driven by "strong sales of iPhone, Services, and Wearables".
He also hinted that the company is planning some big launches of both products and services, which may come as soon as this autumn. In particular, long-standing Apple Mac users are looking forward to overdue refreshes to the Mac desktop line-up and entry-level MacBook Air laptop.
An iPhone 9, iPhone 11 and iPhone 11+ are also rumoured to be in the pipeline. The iPhone 11 will be the successor to the iPhone X.
However, shortly after tipping over the $1 trillion mark, the company's shares fell back, valuing the company at $996.8 billion at the time of writing.
Earlier versions of this story suggested that Apple was the world's first $1 trillion company. This was incorrect. That 'accolade' belongs to PetroChina, which achieved a $1 trillion valuation shortly after it floated on the Shanghai and New York stock exchanges in 2008. At the time of writing (August 2018), it is valued at just under $225 billion.
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