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Apple becomes the world`s first trillion-dollar company

Source: ITpro, 01/01/2018

iPhone maker in rude health as its rising share prices hit a landmark
valuation
Apple has become the world`s first trillion-dollar company after its
share prices soared and pushed the company past the landmark valuation.
The iPhone maker pulled in profits of $11.5 billion over three months
after recording record sales that hit $53.3 billion. Apple`s shares
jumped, pushing the value of the company up from $935 billion towards
$1 trillion.
`Growth was strong all around the world,` said Apple`s finance chief,
Luca Maestri.
The company is in an alarmingly healthy financial state with $285
billion of cash reserves and it made a net profit of $48.5 billion in
2017.
Cupertino`s journey to the trillion dollar valuation famously started
in the garage of co-founder Steve Jobs with the Apple I computer. Over
its 42-year history, it has become a groundbreaking technology company
making many celebrated products such as the Macintosh, the iPod and
the iconic iPhone.
Surprisingly, the iPhone actually didn`t sell as well as expected and
Apple has fallen behind Chinese firm Huawei in the smartphone market,
but the company still managed to make huge profits on the iPhone X by
selling it at a higher price.
Apple posted its quarterly revenue of $53.3 billion on Wednesday, an
increase of 17% from the year before and quarterly earnings per
diluted share of $2.34, up 40%.
`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.`

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