Apple could become the world's first trillion dollar company today

Apple could become the world's first trillion dollar company today

Apple could become the world's first trillion dollar company today

Shares in the Californian tech giant jumped more than 2% in after hours trading in NY. The company expects to see iPhone sales from July through September rise by 14% to 18% which would indicate sales between $60 billion and $62 billion for its most important product. This translated to diluted earnings per share of $2.34, compared to $1.67 during the same quarter in 2017.

During a conference call with analysts, Cook said the iPhone X was the most popular iPhone in the fiscal third quarter, gaining market share around the world. The company took in $53.3 billion in revenue, up 17% year-on-year, and made $12.6 billion in operating income, also up about 17% year-on-year. Buffett's company Berkshire Hathaway purchased nearly 75 million shares of Apple earlier this year. The company sold 41.3 million units, below expectations of 41.8 million units. Apple's market cap sits at $935.3 billion.

The results had Apple CEO Tim Cook cheering: "We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth", he said in a press release. The category includes the App Store, Apple Music, iCloud storage and Apple Pay.

As the entry-level iPhone, the 6.1-inch device is expected to have an LCD screen and a lower price tag.

iPhone sales came in slightly short of the expected 41.6 million units, at 41.3 million during what is typically Apple's slowest quarter for phone sales.

Apple's best-selling products do not yet face duties stemming from the US-China trade disputes, but US President Donald Trump has threatened hundreds of billions of dollars in further tariffs on product categories not yet been enumerated. Apple has also hit what Cook called a pocket of success with the Apple Watch, though the company doesn't break down smartwatch revenue.

Mr Maestri said sales from Apple Care, the company's warranty offering, were up 27 per cent versus a year ago, though the company did not disclose a dollar figure for sales.

The company said it expected gross margins of 38 to 38.5 per cent in the fourth quarter, compared with analyst expectations of 38.3 per cent, according to Thomson Reuters data. According to CNN, analysts expected Apple to sell nearly 42 million iPhones, less than last quarter, as a result of users already owning the newest models or waiting for newer ones. The company's family of slates brought in $4.7 billion in revenue, down 5% on the year, suggesting the latest entry-level iPad's $329 starting price might be eating into the iPad's overall slice of the revenue pie a bit.

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