New iPhone Launch Pushes Apple Past $1T Market Cap

Apple has reached a rare milestone for a second time. The company’s stock went up 3 percent during Wednesday’s (Sept. 11) trading and gave the company a capitalization of $1.01 trillion, according to  CNBC.

The company’s stock ended the day at $223.59 a share. Apple crossed the $1 trillion mark in August of last year, but dropped due to slow iPhone sales in China. Apple, in an attempt to raise its stock price, bought back millions of its own shares.

On Tuesday, Apple held an event where it showcased its new iPhone, Apple Watch and iPads. The company also said it was going to offer a $50 price cut for the entry-level model of the iPhone 11.

Microsoft also has a market cap higher than $1 trillion, at $1.04 trillion.

PYMNTS wrote a wrap up about the new phone designs.

“… The iPhone 11 looks remarkably similar to the X editions on the surface, from an exterior perspective, two big things are different. The first is that the new phone comes in a host of colors. The second, more noticeable, change is to the camera array. The iPhone 11, features three cameras; the iPhone 11 Pro and 11 Pro Max feature four (which start with a third rear camera to provide what [Apple CEO Tim] Cook called the “most sophisticated” experience.”

The new cameras take up space and force a large square bump-out on the back of the phones, which some users said looked like a cooktop stove on the back of the phone.

“The iPhone 11 starts at $699, the iPhone 11 Pro at $999 and the iPhone 11 Pro Max at $1,099 — consistent with the pricing of their previous flagship releases,” PYMNTS wrote. “The iPhone 11, with a dual-camera system, starts at a slightly lower cost than the $749 entry price for the previous year’s iPhone XR. In a similar move, Apple Watch’s newest edition (the 5) will carry a top tier price tag — but Apple has also officially lowered the price of the Apple Watch Series 3 to $199.”