Following its strong quarterly earnings call yesterday, AAPL stock has opened 6 percent up at $159 a share, representing a new all-time high valuation for Apple.
With a market cap of $830 billion, suddenly the proposed Wall Street valuation of 1 trillion dollars within the next year looks a whole lot more realistic! Why did we ever doubt it?
Mo money, mo… earnings?
In recent years, Apple has passed a number of major milestones in terms of its value. Back in May, it briefly became the first $800 billion company in history; having broken records as the world’s first $700 billion company two years before that.
Now it’s working toward its next milestone as the world’s first $900 billion company (and beyond!). Investors were certainly pleased with yesterday’s earnings report, which beat Wall Street expectations of $43.5 billion with a total of $45.5 billion in revenue. One of the big surprises of the quarter was the rise of iPads, which saw shipments increasing by 15 percent year-over-year.
Apple’s services business also continued to make strides, allowing Apple to hit its goal of making this part of its business the size of Fortune 100 company. Revenue from services like the App Store, Apple Music, iCloud and Apple Pay grew 10 percent year-over-year.
With the eagerly-anticipated iPhone 8 coming later this year, and every indication suggesting there are some pretty exciting products in the pipeline, it’s no wonder investors can’t get enough of AAPL stock!