Apple just became the second company to hit $1 trillion dollars

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Apple became the first publicly traded American company to reach a trillion-dollar market capitalization on August 2, when its share price surged following the announcement of record second-quarter financial results.

Cook has put a focus on digital content and services, positioning Apple to make money from music, movies, apps, subscriptions and more - all sold to the vast "install base" of people using devices made by the company. Its market value might be double that of Apple or even more.

PetroChina, the world's fourth biggest oil company by revenue, was the first company to pass the $1tn mark in 2007.

At the global level, the company's net sales topped $229 billion in 2017, up from $215 billion the previous year.

"Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion", said Luca Maestri, Apple's CFO.

The race to a $1 trillion market cap - symbolic as it is - has been closely watched on Wall Street.

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Apple's future looks incredibly bright indeed. This showed a growth of 17 percent year-over-year for the company despite a decrease in Mac sales and a generally flat sale rate of iPads. Apple is a trillion-dollar company because its innovation-driven profitability creates real value, not stock manipulation. Analysts polled by Bloomberg have an average price target of $212.79, which would translate to a market cap of $1.05 trillion. China is also a huge market for the company, making up about a fifth of its sales.

Apple began in the garage of co-founder Steve Jobs more than 40 years ago.

That said, the competition's continued success doesn't lessen the significance of today's milestone - a capstone to the company's meteoric rise to power over the last decade after a period of near-death in the '90s.

Originally founded as a maker of computers in 1976, Apple expanded to dozens of product categories in the 1990s, many of which were unsuccessful.

"Steve founded Apple on the belief that the power of human creativity can solve even the biggest challenges - and that the people who are insane enough to think they can change the world are the ones who do", Cook wrote.

With a "market cap" of $884.01 billion, Amazon is Apple's closest rival; Google parent Alphabet trails Bezos' technology and retail giant with a market cap of $854.86 billion.

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