AP
- Shares of Apple are up more than 4% after earnings.
- The company saw a year/year increase for its iPhone, Mac, and iPad segments.
- If the company hits $ 193.60 per share, it will have a market cap of $ 1 trillion.
- Watch Apple’s stock price move in real time here.
Apple is closer than ever to becoming the first-ever trillion dollar company in the US after its fourth-quarter earnings report.
Shares of the company are up 4.34% on Friday after the company’s fourth-quarter earnings result beat expectations. Apple reported GAAP earnings of $ 2.07 per share compared to Wall Street’s expectations of $ 1.87 per share, on revenue of $ 52.6 billion compared to the $ 50.5 billion expected.
Apple sold 46.7 million iPhones in the fourth quarter, for an average selling price that wasn’t boosted by the newer, higher-priced iPhones yet. It sold 11% more iPads than the same period last year, and 10% more Macs.
The jump that happened after the strong numbers means that Apple is only about $ 20 per share away from becoming the first $ 1 trillion company, as measured by market capitalization. The company needs to hit $ 193.60 per share, an 11% move higher from its current price of $ 175.12, to hit the fabled trillion dollar mark.
Apple is now worth more than $ 902 billion after the company’s earnings report, and has gained about 9.2% over the last month, meaning the $ 1 trillion mark could be right around the corner for the company. This calculation assumes that the number of outstanding shares stays at its current levels.
On Friday, Apple released its iPhone X. Customers stood in days-long lines for their chance to buy the new flagship phones, which were expected to be in limited supply due to production constraints.
“We’ll see how things go” was CEO Tim Cook’s response to one analyst asking about the perceived supply and demand mismatch for the iPhone X. The company issued guidance for the December quarter that was higher than analysts’ expectations though, which seemed to hint that Apple is expecting big numbers from the new phone.
Apple is up 44.74% this year following its post-earnings bump.
Read more about the company’s earnings here…
NOW WATCH: How the iPhone X could make Apple a $ 1 trillion company
