Apple hits the $1T milestone

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"On the other hand, if you look at the stock relative to the market its (price-to-earnings ratio) is less, it still has a decent growth rate".

"Our strong business performance drove revenue growth in each of our geographic segments", said Luca Maestri, Apple's CFO.

Euro zone government bond yields dipped, and borrowing costs in Germany and France pulled back from seven-week highs. "It's important to keep in mind as we move into the September quarter".

The average iPhone selling price hit $724, beating analyst expectations of $694, according to data from FactSet.

- CBS News' Alain Sherter contributed reporting.

However, not too behind as another United States company Amazon is also on the verge of hitting the $1 trillion as market insiders are confident of its positive Q3 results.

But the phenomenal success of the iPhone led competitors to mirror certain features like touch-screens featuring rows of colorful icons - and prompted Apple to pursue those competitors in court. It's taken longer than I thought.

The iPhone maker achieved that big number on Thursday when the stock passed $207.04 a share.

Apple shares rose 2.7% today and they're up 22% so far this year.

Even with its $1,000,000,000,000 stock market value, many analysts do not view Apple's shares as expensive.

"Services are going to be the name of the game", Davuluri said.

Apple's stock chart today, showing a market cap of $1 trillion.

Cook has consistently touted innovations in the pipeline at the famously secretive company. The Company boasted a revenue of $61.1 billion, a 15% increase from the year-ago quarter.

April 1976: Jobs, Wozniak and Ronald Wayne create Apple Computer to sell an eponymous computer hand-built by Wozniak.

Apple had also come under fire as it accumulated more than $250 billion in taxes in overseas accounts, triggering accusations of tax dodging.

"The Apple customer is a lot more well-off and has clearly shown a willingness to pay up for iCloud, AppleCare and other services", Davuluri said.