Apple becomes world's first public company worth $1 trillion

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The computer and mobile phone giant, co-founded to sell personal computers by the late Steve Jobs in 1976, reached the watermark after its shares hit $207.05, the day after it posted strong financial results.

Buoyed by a stronger than expected earnings report for the second quarter on Tuesday, Apple became the first American company ever to be worth $1 trillion Thursday. Companies typically do so when they consider their stock to be undervalued-or to return funding to investors. The company also boosted its revenue from services, including Apple Music and the app store. Stock buybacks reduce the number of shares a company has on the open market, driving up the price of the remaining shares. The iPhone maker became the first company to reach this valuation.

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In the almost more than four decades since Steve Jobs founded the company in a California garage, Apple has become almost synonymous with personal computing and mobile devices.

Apple's Earnings Per Share (EPS) grew by 40 percent year over year, and revenue grew by 17 percent year over year.

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SAN FRANCISCO-Apple Inc. became the first $1-trillion publicly listed United States company on Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications. Its net cash stood at $129 billion, according to Moody's analyst Stephen Sohn.

- CBS News' Alain Sherter contributed reporting.

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