The Apple Inc. logo is seen before the start of an Apple Inc. event in Cupertino, California, U.S. (Photographer: David Paul Morris/Bloomberg)

Apple's $1 Trillion Valuation Is Further Away Than It Looks

(Bloomberg) -- It may have seemed like Apple Inc. retook its trillion-dollar market capitalization Wednesday morning, when the stock rallied on better-than-expected second-quarter results. But it was more mirage than milestone.

While the iPhone maker is hovering near re-entry into the 13-digit club, along with Microsoft Corp. and Inc., it falls short because of its hefty buyback program. Apple had 4.601 billion shares outstanding as of April 22, according to a filing late Wednesday. The stock’s 4.9 percent advance to $210.52 on Wednesday equates to a valuation around $969 billion.

Apple reported 4.72 billion shares outstanding in its last quarterly filing. Had the share count stayed constant, Apple would have surpassed the $1 trillion threshold at Wednesday’s intraday high price for the first time since November.

Apple's $1 Trillion Valuation Is Further Away Than It Looks

Apple shares would need to trade at or above $217.34 for a $1 trillion valuation. That would necessitate a gain of 3.2 percent from current levels.

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