Apple is now a $1 trillion company

Apple is now a $1 trillion company

Apple Inc., the tech company behind the iPhone, iTunes and Apple TV is now a $1 trillion company after its stock price surged on stronger second-quarter results.

On the NASDAQ where Apple is listed, the company’s stock price rose by 2.9% to $207.39 per share.

In its second-quarter result, Apple reported quarterly revenue of $53.3 billion, an increase of 17 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.34, up 40 percent. International sales accounted for 60 percent of the quarter’s revenue.

“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.”
“Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion,” said Luca Maestri, Apple’s CFO. “We returned almost $25 billion to investors through our capital return program during the quarter, including $20 billion in share repurchases.”

Apple will now be the only company with such capitalization despite the fact its position in the smartphone market has been put to check by Samsung, Huawei and Xiaomi across the globe.