Apple becomes first ever US company to be valued at $1trillion

Tech giant Apple has become the first ever US stock listed company to be worth $1tn (£767bn).

Apple hit the landmark figure when its shares in New York increased in value to a record of $207.39 (£159).

The stock had been on the increase after it posted strong results with profits of $11.5bn (£8.8bn) and a sales increase of 17% to $53.3bn earlier in the week.

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CEO Tim Cook said: “We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth. Our Q3 results were driven by continued strong sales of iPhone, services and wearables, and we are very excited about the products and services in our pipeline.”

The company hit the $1tn market valuation 42 years after Apple was founded by its former CEO Steve Jobs.

Amazon, which was regarded as the next most likely to breach the $1tn mark is currently valued at $883bn (673bn).

Apple said it was expecting fourth-quarter revenues to come in between $60bn- $62bn (£46-£47bn) ahead of analyst consensus of $59.5bn (£45bn).  

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