Apple becomes 1st private company worth $1 trillion

Tim Cook is bringing the euphoria down to earth

Tim Cook is bringing the euphoria down

Apple's stock has risen more than 50,000% since it first listed in 1980.

Apple shares topped $207 on Thursday, pushing the company to a market capitalization of $1 trillion just before noon, before falling back to around $206. Companies typically do so when they consider their stock to be undervalued-or to return funding to investors.

Wall Street thinks Apple shares can go even higher, too.

In 2006, the year before the iPhone launch, Apple generated less than $20 billion in sales and net profit just shy of $2 billion.

A company's market cap is calculated by multiplying the number of shares outstanding by its stock's share price.

Hot on the heels of a stellar earnings report that saw Apple post an astounding $53.3 billion in quarterly revenue, the Cupertino-based company has since become the first company in history to reach a $1 trillion valuation.

Other companies have come close to the mark, but no public U.S. company has hit a $1 trillion valuation. Under CEO Tim Cook, Apple also has embraced the internet, with its thriving services business helping propel the company toward the new milestone.

Since the iPhone first went on sale in 2007, Apple shares have soared by 1,100% and have jumped nearly a third in the past 12 months.

Apple's Earnings Per Share (EPS) grew by 40 percent year over year, and revenue grew by 17 percent year over year.

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

- CBS News' Alain Sherter contributed reporting.

Meghan Markle's first birthday gift as a royal revealed
England v India: Joe Root breaks silence on Virat Kohli send-off