Apple is now first public company worth $1 trillion
On Thursday, Apple became the world's first public company to be worth a whopping $1 trillion. Notably, on Tuesday, the tech giant had, rather unsurprisingly, reported strong results for its third quarter, ended June 30. The stock has risen 9% since then. Its market capitalization reached the magical figure in afternoon trading in New York.
A bit about Apple's latest Q3 performance
Apple's revenue for Q3 touched $53.3bn, up 17% compared to the same period last year, and exceeding analysts' projections of $52.34bn. The tech giant's earnings per share (EPS) also exceeded expectations with EPS amounting to $2.34, as against projections of $2.18. Apple's net income stood at $11.5bn, and operating cash flow stood at $14.5bn. Interestingly, international sales accounted for 60% of the quarter's revenues.
Compared to Apple's golden days, iPhone sales have flatlined
However, unlike Apple's golden days when massive iPhone sales drove the company's rapid growth and eye-popping profits, iPhone sales have flatlined. Despite investors expecting a surge in sales driven by the iPhone X, Apple, through the first nine months of fiscal 2018, sold only 0.4% more iPhones than it did in the same period last year. Meanwhile, other Apple products are growing in prominence.
Meanwhile, what's up with Amazon?
In July this year, following the completion of Amazon's Prime Day sale, the e-commerce giant's stock market value climbed to cross the $900bn mark for the first time. It needs to rally 13% and hit a stock price of $2,061 to hit the trillion mark.
