Apple hits historic $1-trillion stock market valuation

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Apple briefly hit the $1 trillion mark, becoming the first publicly traded company in the U.S.to reach 13 figures in terms of market value.

That price translates to a $1 trillion market cap based on the current estimated number of outstanding shares.

The peak reached Thursday seemed unimaginable in 1997 when Apple teetered on the edge of bankruptcy, with its stock trading for less than $1.

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The Silicon Valley stalwart's stock has surged more than 50,000 percent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-percent increase during the same nearly four decades.

During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

Apple's Earnings Per Share (EPS) grew by 40 percent year over year, and revenue grew by 17 percent year over year. Under CEO Tim Cook, Apple also has embraced the internet, with its thriving services business helping propel the company toward the new milestone.

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Bullish investors have rallied after the company's results for the June 30 quarter that handily beat Wall Street forecasts and its upbeat guidance for the September quarter with refreshed products expected this fall.

Shares surged after Apple reported earnings that topped forecasts and a healthy outlook on Wednesday.

Adjusted for splits, Apple's stock price has risen almost 40,000% since its initial public offering in 1980.

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The iPhone maker was named as the only publicly listed USA company to be valued at $1,000,000,000,000 just before 5pm this afternoon. Amazon's market cap stands at around $877 million, while Alphabet's is $851 million and Microsoft is worth about $822 million.

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