Apple captures another first with $1 trn valuation

New York : Apple, the culture-changing company behind the iPod, iPhone and iPad, hit another milestone on Thursday, becoming the first private-sector company to surpass $1 trillion in market value. Shares of Apple broke through $207.05 in late-morning trading on Wall Street, two days after the California technology firm reported strong quarterly earnings.

The landmark is the latest victory for Tim Cook, who faced skepticism when he took over as chief executive in 2011 from ailing iconic co-founder Steve Jobs. Jobs, who founded Apple in a Silicon Valley garage in 1976 with Steve Wozniak and built it into a global powerhouse, died in October 2011. After the death of master pitchman Jobs, analysts and other industry watchers wondered whether the company would lose its magic for creating “the next big thing.”

But Cook has gradually won accolades from investors by pumping out a series of solid financial results and spreading Apple’s products to China and other foreign markets. As with other landmarks -- such as the Dow crossing 25,000 points for the first time -- the Apple record is significant because of its resonance beyond the financial universe. “The $1 trillion mark is more psychological, and sends a message of growth and size into the market,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.