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The company's stock price closed at $207.39 on Thursday following the earnings report, making Apple the first-ever, publicly traded USA company to reach a $1 trillion market cap.

This achievement is the evidence of Apple's long-standing dominance in the industry. The company reached the milestone today when its stock exceeded $207.04 per share, ultimately reaching an all-time high of more than $208.

Since 2007, 18 different iPhone have been launched and more than 1.2bn of the devices have been sold. The S&P 500 has merely doubled in value over that time.

PetroChina, the world's fourth biggest oil company by revenue, was the first company to pass the $1tn mark in 2007. The company's various services such as Apple Music, iCloud and Apple Pay now represent $9.6 billion in revenue.

Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30.

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

He ended the letter writing: "Just as Steve always did in moments like this, we should all look forward to Apple's bright future and the great work we'll do together". 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 has become the world's first publicly traded company to be valued at US$1 trillion (NZ$1.48 trillion).

"And Apple really delivered when it announced second-quarter 2018 earnings on May 1". Most of the people reading this are probably on an Apple device right now or own at least one product they have offered.

But that calculus changed under the administration of President Donald Trump, who pushed Congress to pass a sweeping overhaul of the US tax code that includes a provision lowering this year's rate to 15.5 percent on profits coming back from overseas.

Apple has beaten other rival companies including Amazon, Microsoft, and Alphabet.

"The markets are starting to recognize the value of its platform and services more and more, and that's what is being reflected in the increase in market capitalization", said Brad Neuman, director of Market Strategy at Alger, a growth equity asset management firm in New York City.

Adjusting for four stock splits over the years, Apple debuted on the stock market for the equivalent of 39 cents a share on December 12, 1980, compared with Thursday's high of $208.38.