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Apple Value Edges Towards $1tn As Shares Hit New Record

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LAHORE MIRROR (Monitoring Desk)–  Apple shares hit a record at the start of trading on Wall Street, pushing the market value of the tech giant closer to the $1 trillion mark.

The shares rose more than 5 percent to above $200, close to the roughly $206 price needed to make it a $1tn company.

The rise came after Apple reported strong demand for its most expensive iPhones, boosting quarterly revenue despite just 1pc growth in shipments.

The average iPhone price hit $724 (£552), well above the expected $694.

The firm said its $999 iPhone X – launched last year – remained its most popular iPhone model in the quarter and had driven the higher sales price.

Revenue growth of 31% in Apple’s services business, which includes the App store, Apple Music and Apple Pay, also boosted the firm’s performance.

Overall the tech giant’s revenue jumped 17% year-on-year to a quarterly record of $53.3bn (£40.6bn), with every region except Japan reporting double digit growth.

Profits rose to $11.5bn, up 32% compared to the same period in 2017.

“The lesson Apple’s management has learned from the iPhone X, is when you sell a smartphone for more than $1,000 you can sell fewer units and still reap the financial benefits,” said analyst Thomas Forte from DA Davidson & Co.

If Apple’s momentum continues, it could be the first US company to hit a $1tr market value.

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