Apple becomes first company to hit $1 trillion market cap
Apple shares rose over three percent on a strong earnings report published earlier this week. Apple was trading at $207 per share on Thursday. It started this year at $172.
Apple’s Earnings Per Share (EPS) grew by 40 percent year over year, and revenue grew by 17 percent year over year. Analysts have said Apple needs a new smartphone to keep up the good sales, but the company passed the $1 trillion mark because of strong sales of the iPhone 8 and X in China and Japan.
The company’s strong report comes amid deep concerns voiced by investors over the US tech sector. The so-called FAANG stocks, which include Facebook, Amazon, Apple, Netflix, and Google parent Alphabet, started the week with a collective plunge.
"I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades," GBH Insights analyst Dan Ives told CNBC.
For more stories on economy & finance visit RT's business section