Apple Flirts With $1 Trillion Market Cap After Strong Earnings Report

Apple's fourth-quarter forecast will give clues to when the new iPhones will debut say

That was a gain of 17%, topping Wall Street's expectations and Apple's own internal forecast. The company's value had surpassed US$960 billion (NZ$1.4 trillion) in trading before the results were released, and shares climbed around 3 per cent in late trading following the figures. If it does, Apple will be the first USA company to pass the trillion dollar milestone.

"These results and guidance will increase investor confidence", Shannon Cross of Cross Research wrote in a note to investors. Despite the more-or-less unchanged unit shipments, Apple's handsets brought in $29.9 billion in revenue, or an impressive 20% increase from a year ago.

"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", said Tim Cook in a statement.

Apple just reported its third-quarter fiscal earnings, and as we're used to seeing from the world's most valuable company, it was another excellent three months.

Cook dismissed the need for record revenue during the call, saying that because the smartphone market is so vast, it doesn't matter if revenue dips or goes up 10%. No one seems to care about that, because the average selling price of the iPhone rose significantly (all thanks to the iPhone X), so the money-printing machine is still roaring ahead as usual. The fact that Cupertino is making more revenue off the same number of units shipped suggests the ultra-high-end iPhone X is still selling well. Apple's market cap sits at $935.3 billion. -China trade disputes, but President Donald Trump has threatened hundreds of billions of further tariffs whose product categories have not yet been enumerated.

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Apple services include streaming music and video, where Apple faces competition from rivals including Spotify Technology SA and Netflix. Apple has also hit what Cook called a pocket of success with the Apple Watch, though the company doesn't break down smartwatch revenue. Paid subscriptions have now passed 300 million, he also noted.

The company said it expected gross margins of 38 to 38.5 per cent in the fourth quarter, compared with analyst expectations of 38.3 per cent, according to Thomson Reuters data. That's in line with the company's recent forecast and translates to year-over-year revenue growth of about 15 percent, the strongest for Apple's June quarter since 2015.

But one of the categories potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers.

Finally, while Cook expressed opposition to new trade tariffs between the USA and China, noting how they're anti-consumer, he said that Apple is continuing to see double digit growth in China along with other major markets. Apple's Mac unit, which has been drawing complaints from consumers, reported a 5 percent drop in sales.

Apple said it sold 11.6 million iPads in the quarter, up from the 11.4 million in the year-ago period.

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