Apple Becomes First Trillion-Dollar Company As iPhone Sales Surge

Apple became the world's first company to achieve a $1 trillion market capitalization after the tech giant's stock price reached an all-time high on Thursday.

However, the Cupertino, Calif.-based company slightly sank below the $1 trillion market after hitting that point right before noon ET.

The milestone happened after Apple reported its third-quarter earnings results on Tuesday, where the company's iPhone and services businesses drove revenue up 17 percent year-over-year to $53.27 billion.

While iPhone unit sales grew only 1 percent during the quarter — to 41.3 million — revenue grew much faster, thanks to the higher-priced iPhone X, which starts at $999. The company's iPhone business grew 20 percent year-over-year to $29.91 billion in the third quarter.

"We could not be happier that it has been the top-selling iPhone since the launch," Apple CEO Tim Cook said. "So we feel terrific about iPhone X."

The company's stock price was up around 2 percent to $206.46 per share early Thursday afternoon.