What to Know
Apple shares hit the $200 mark in midmorning trading
Shareholders had previously been looking for a price of $203.45 to make Apple the first publicly traded U.S. company worth $1 trillion
The company reported results for its fiscal third quarter that beat on earnings per share
The stock closed at $201.50, just below the intraday high of $201.76. Shareholders had previously been looking for a price of $203.45 to make Apple the first publicly traded U.S. company worth $1 trillion — though the tech giant is expected to announce an adjusted outstanding share count later Wednesday that is likely to move the threshold.
The iPhone maker slightly missed Wall Street forecasts for sales of the flagship handset, but surpassed estimates for average selling price. It also beat on earnings per share and revenue from the growing software and services segment.
Wall Street was largely bullish on the report, which many saw as Apple staying the course. Analysts at Morgan Stanley and RBC Capital both noted Apple is steadily on its way to $1 trillion.
"Apple's narrative is shifting towards their ability to sustain mid-single digit sales growth despite flat iPhone units and low-to-mid teens EPS growth via buybacks," RBC analysts wrote in a note. "Hit Snooze for 90 Days. Path to Trillion Intact."
As of Wednesday's close, Apple has gained 19 percent in 2018 and 34 percent in the last 12 months.
— CNBC's Ariel Shapiro contributed to this report.
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