Apple is now first public company worth $1 trillion
What's the story
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.
Q3 performance
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.
iPhone sales
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.
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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.