Aug. 2 (UPI) -- Apple crossed into history on Wall Street Thursday, becoming the first publicly-traded company to reach a trillion-dollar market capitalization.
The milestone occurred after second-quarter earnings this week topped Wall Street expectations and pushed shares higher than 5 percent. Thursday, shares jumped on the Nasdaq to $207.05 at one point, a price that translated to a $1 trillion market cap based on the estimated number of outstanding shares.
Amazon, which some analysts believed would be first to hit the milestone, was worth $879 billion Thursday -- second only to Apple.
Apple, which produces about 40 million iPhones every quarter, hauled more than $254 billion in revenue last year. Shares of Apple stock have climbed nearly 40,000 percent since its initial public offering in 1980.
Passing the $1 trillion makes Apple worth more than the gross domestic product of all but 27 major countries -- including Argentina, the Netherlands, Sweden and Switzerland.