Apple becomes the world's first trillion-dollar company
iPhone maker in rude health as its rising share prices hit a landmark valuation
Apple has become the world's first trillion-dollar company after its share prices soared and pushed the company past the landmark valuation.
The iPhone maker pulled in profits of $11.5 billion over three months after recording record sales that hit $53.3 billion. Apple's shares jumped, pushing the value of the company up from $935 billion towards $1 trillion.
"Growth was strong all around the world," said Apple's finance chief, Luca Maestri.The company is in an alarmingly healthy financial state with $285 billion of cash reserves and it made a net profit of $48.5 billion in 2017.
Cupertino's journey to the trillion dollar valuation famously started in the garage of co-founder Steve Jobs with the Apple I computer. Over its 42-year history, it has become a groundbreaking technology company making many celebrated products such as the Macintosh, the iPod and the iconic iPhone.
Surprisingly, the iPhone actually didn't sell as well as expected and Apple has fallen behind Chinese firm Huawei in the smartphone market, but the company still managed to make huge profits on the iPhone X by selling it at a higher price.
Apple posted its quarterly revenue of $53.3 billion on Wednesday, an increase of 17% from the year before and quarterly earnings per diluted share of $2.34, up 40%.
"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth," said Tim Cook, Apple's CEO. "Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline."