Apple becomes the world`s first trillion-dollar company

2018-01-01 -

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.`