Apple Market Cap Grows To $900 Billion And Ever Nearer To Trillion Milestone
Things are starting to look very rosy indeed for Apple, and after reporting strong earnings and then going on to forecast a record holiday quarter earlier this week, the company’s market capitalization has breached the $900 billion mark during intraday trading. That means that Apple is now the first publicly traded US company to reach such a number.
While Apple did manage to reach the same $900 billion market capitalization mark last week, that was in after-hours trading. Today’s news relates to intraday trading and is a first for a US company.
Apple’s stock currently trades at around $175.60, and at its current rate of increase, Apple is on its way to becoming the first US publicly traded company to go beyond the $1 trillion market capitalization threshold. By comparison, Google’s parent company Alphabet only recently became the second company to move beyond the $700 billion mark and many analysts are bullish, expecting Apple to cross the trillion dollar mark sooner rather than later, although putting a timescale on such things is difficult.
The reason for such a rosy outlook for Apple stems from its recent iPhone launches. Apple sold more iPhones than had been predicted, even though the high-end iPhone X was not available in the most recent quarter reported upon. With the suspicion being that many iPhone buyers left the iPhone 8 and iPhone 8 Plus on shelves in order to wait for the iPhone X to launch, the numbers posted during the past quarter are even more impressive.
Guidance for the holiday quarter has Apple set to post record results, too, with revenue between $84 billion and $87 billion expected thanks in part to that iPhone X launch.