US computing and smartphone giant beats Amazon to landmark valuation after its shares hit $207.05.

The iPhone-maker beat retail giant Amazon to the record $1tn (£767bn) valuation after its shares hit $207.05 shortly before midday in New York (17:00 BST) on Thursday, a day after reporting strong Q3 earnings that saw it surpass both its own and analysts’ estimates, and making a strong forecast for its upcoming Q4 earnings.

Describing the quarterly results, Apple finance chief Luca Maestri said: “Growth was strong all around the world.”

The company was co-founded by Steve Jobs and Steve Wozniak in 1976 to sell personal computers. The firm fell on tough times in the 1990s, but saw a resurgence after Jobs rejoined the company in 1997 and oversaw the move into personal gadgets with the creation of the iPod in 2001 and the iPhone in 2007. In the eleven years since Apple “invented” the smartphone, the company has sold more than 1.2bn devices around the world.

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