Following a positive reaction to yesterday’s Q2 earnings call, Apple has seen its stock once again cross the $1 trillion market cap threshold as its shares rose by around 6%.
At the time of reaching that market cap, Apple shares were trading at $212.68, with that share price having quickly grown from the $200 it sat at last night.
This all comes after Apple’s Q2 earnings call saw iPhone revenue fall 17% compared to the previous year, although it should be noted that this does represent a recovery compared to the disastrous holiday quarter that saw many questions being asked. Fingers were generally pointed in the direction of China at the time, with Apple having since put numerous initiatives in place to help stimulate sales.
As has become the norm, however, Apple’s services continue to show the way with 16% growth. Even the iPad saw its best growth in six years, likely helped by the excellent reception the iPad Pro refresh saw last year. Wearables also proved to be a good seller for Apple, further helping to mask the iPhone’s less-than-stellar sales of late.
It’s those services that Apple is likely to really focus on for its future growth, though, and with the arrival of Apple TV+ and Apple News+, it’s clear that the company is trying to find new ways to eke more money out of its existing hardware customers. So far, that’s a process that is going well and Tim Cook will be hoping that continues to be the case.