Apple’s wealth is no secret, but the tech giant is nearing a historic milestone that no public company has ever accomplished. After reporting another strong quarter of profits, the company that Jobs built is nearing $1 trillion in value.
To reach the number, Apple’s stock price has to exceed $203 per share, and according to analysts, they are well on their way. As of Wednesday, shares of Apple were trading above $201 placing the tech giants value at $990 billion. According to Thomson Reuters Eikon, Wall Street is putting Apple’s stock at a target value of $210.64. Another analyst Brian White of Monness, Crespi, Hardt & Co., is confident the stock will hit $275 a share. That will have the company’s worth at $1.35 trillion.
Despite reports of slow sales of their flagship phone the iPhone X, Apple says they have managed to sell 41.3 million handsets. Revenues for the highly sought out smartphone rose 20% thanks to Apple convincing its loyal customers to pay $1,000 for the latest models. Revenue from apps, data storage also contributed to Apple’s strong quarter bringing in $9.55 billion. Apple Music recently surpassing Spotify as the most significant music streaming service in North America which also played a part in the company’s $53.27 billion in total revenue for the quarter.
Apple won’t be alone at the top for too long, other tech giants such as Google ($850 billion), Amazon ($870 billion) and Microsoft ($815 billion) are right on the company’s tail in joining the trillion club. All we want to know is can we borrow some money? Sheesh
H/T: New York Times
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