Apple became the first company to reach a $1 trillion market capitalization in 2018 after its shares rose following strong earnings.
Apple reported quarterly results in July 2018 that helped reassure investors about demand for its products and services. Its stock then climbed, allowing the company to pass the trillion-dollar threshold on August 2.
The milestone was not based on Apple’s revenue alone. Market capitalization combines the share price with the number of outstanding shares, so investor expectations about future profits are a major influence. Apple’s buyback program also reduced the share count over time, affecting the calculation.
The company’s path to the milestone ran through several major products, including the iPod, iPhone, iPad, and Apple Watch. The iPhone remained the main driver of sales, while services became increasingly important to Apple’s business mix.