The technology giant is up 2.5%, making it the first to reach this market value; Analyst: “The present value is evidence of the strength of Apple’s business environment”
WASHINGTON (Reuters) – US technology giant Apple Inc. (207.793.12%) rose 2.5% on Friday, touching a $ 1 trillion market value – the highest ever for a US public company, and the first to cross that threshold.
The current rise in the share, which joins a cumulative 36% rise since the beginning of the year, comes after Apple published its second quarter financial report earlier this week, which surprised analysts favorably. The company’s revenue in the past quarter was $ 53.3 billion. This compares to analysts’ forecasts of $ 52.42 billion in revenue.
This is an increase of 17.4% compared to the corresponding quarter in 2017. Net profit surged 32.1 percent to $ 11.52 billion. Earnings per share were $ 2.34, compared with analysts’ forecasts of $ 2.18 per share. Revenue from iPhone sales surged 20 percent to $ 29.91 billion, a testament to strong demand for the more expensive iPhone X.
“We are thrilled to report Apple’s best quarter for the fourth consecutive quarter with double-digit revenue growth,” said Apple CEO Tim Cook this week, “This quarter’s results have contributed to strong iPhone sales, wearable services and products, Excited about the products and services that are in our line, “Cook concluded.
“The current value is evidence of the strength of Apple’s business environment has become over the past few decades,” said analyst Dan Ives of GBH Insights. Ives believes that the current rise in historical value is not the end: “This is a new stage of growth and profitability.”