Apple on Thursday became the first U.S. public company to be valued at $1 trillion dollars.
The tech giant’s market cap briefly hit the milestone Thursday morning when its shares reached $207.05 before dropping slightly again.
Apple’s shares later rose again to a high of $208.38 in the afternoon and closed slightly lower, still holding on to the $1 trillion value.
It’s a largely symbolic achievement for the company, which has seen its shares rise 28 percent over the past year.
The benchmark comes after Apple reported a strong second quarter, with $11.52 billion in profits and total revenue of $53.27 billion.
The surge in stock price may have been helped along by Apple’s record share buybacks, a practice where companies inflate shareholder value by purchasing their own stocks.
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Apple becomes first trillion-dollar company in US https://t.co/qCNe40BL59 pic.twitter.com/rbcKc6hjpl
— The Hill (@thehill) August 2, 2018
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