Creator of the smartphone notch and killer of the headphone jack, Apple has hit an important milestone – becoming valued at $1 trillion.
Apple’s stock price rose to a new all-time high of $208.38 yesterday before settling in at $207.39 per share at close of trading. That figure pushed Apple’s market value up to the stratospheric figure of $1.002 trillion.
While iPhone sales only grew 1 percent, revenue from iPhone sales grew 20 percent year-on-year. Investors are certainly happy that Apple is making (lots) of money while other tech heavyweights such as Facebook are struggling.
The news comes just two days after Apple chief executive officer Tim Cook revealed a stellar quarter in an earnings call.
“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” said Cook. “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.”
While the iPhone does bring in $29.9 billion in revenue, services brought in $9.5 billion in Q3 2018 representing year-on-year growth of 31 percent.
Apple’s market value is now greater than the gross domestic product of many third world countries including South Africa, let’s hope they do some good with that power.