Apple Flirts With $1 Trillion Market Cap After Strong Earnings Report

Apple iPhone X

The iPhone just keeps ringing - up profits. The results surpassed Wall Street expectations of $2.17 per share, the Associated Press reported.

Shares of Apple jumped Tuesday after the company posted better-than-expected earnings for its fiscal third quarter and forecast revenue for the current period would be higher than analyst expectations.

Chief executive Tim Cook has set the services business a target of delivering $14bn (£10.6bn) in revenue every quarter by 2020.

The company said it expects fiscal fourth quarter revenue to be between $60bn and $62bn, against analyst estimates of $59.5bn.

The average iPhone now sells for $724. According to CNN, all those Apple products are adding up to some massive economic gains for the company.

"We feel great about the results on iPhone", he said.

"If you look at the top of our line together, they are growing very nicely" Cook said.

Apple is ever-so-close to becoming the first US company worth more than $1 trillion: The company closed in on the magic number Tuesday in after-hours trading after posting better-than-expected results for its fiscal third quarter, which ended June 30.

Phillies get INF Cabrera from Mets for pitching prospect
The Mets signed Cabrera as a free agent before the 2016 season, and he has been one of their most dependable hitters ever since. The 23-year-old right-hander was 4-6 with a 4.24 ERA in 19 appearances with the Double-A Reading Fightin Phils this season.

The services business includes things like Apple Music, Apple Pay, and iCloud.

But one of the categories potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers.

"It reminds me of the early days of iPod, when I started seeing white earbuds everywhere I went". This bucket - which accounts for app purchases, Apple Care and more - surged more than 30 percent year-over-year to $9.55 billion. The company is in the midst of a $100 billion stock buyback program. Apple attributed the latter figure to the fact that 2017's MacBook Pros launched within the same quarter last year, whereas this year's models didn't launch until right after the end of the quarter, so those sales are not included in the figures for this year.

The company made a stupendous $53.3 billion in revenue in the quarter, signifying a growth of 17% compared to the same period previous year.

Despite the beat, James Cordwell, an analyst from Atlantic Equities, said the high selling prices might cause investors some concern because "there's a limit to how much Apple can grow the iPhone franchise by pushing pricing".

Apart from consumer behavior, there is also concern that Apple's extensive overseas manufacturing operation may suffer from trade disputes between the USA and China.

"It's clear that some [trade agreements] are in need of modernizing", he said.

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