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Apple beats Amazon in race to a $1 trillion market cap

The tech titan is the first publicly traded company to reach the milestone market valuation
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Apple's stock saw strong gains after topping analyst estimates in its fiscal third-quarter results

Apple Inc (NASDAQ:AAPL) has hit the US$1 trillion market cap, making it the most valuable company in history.

It is also the first publicly traded company to reach that plateau. Inc (NASDAQ:AMZN) is running second with a market cap of US$884.16bn.

READ: Apple versus Which company will hit a market cap of US$1 trillion first?

The tech giant’s stock pulled far ahead of the pack after surpassing analyst estimates in its fiscal third-quarter results earlier this week. The company reported earnings of US$2.34 per share on revenue of US$53.3bn, beating Wall Street estimates of US$2.18 EPS on revenue of $52.34bn.

The surge in Apple shares continued Thursday, adding 2.7% to US$206.92 at midday to cement its place in market history.

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