Apple bought back $20 billion worth of shares which also drove up the price
Apple has become the world’s first publicly traded technology firm to be worth $1 trillion(£767bn) from $935 billion (£717bn).
Shares in the technology giant rose past £207 in afternoon trading on the New York Stock Exchange. The figure rose nine per cent since Tuesday (July 31) when it reported target beating results in its latest financials. The firm bought back $20 billion (£15.3bn) worth of shares which also drove up the price.
Share prices were at $2.34 which was up 40 per cent when financial results were announced on July 31. Stocks in Apple have risen 50,000 per cent since its IPO in 1980.
Apple reported for Q3 the three months ending June 30, 2018, $53 billion (£40.6bn) in revenue a quarter-on-quarter increase of 17 per cent, driven by the iPhone which made $29.9bn, shipping 41.3 million units. The manufacturer claimed an “all-time high” revenue from the App Store, Apple Music and iCloud attributing $9.5bn to the total.
Making up the rest of the revenues was Macs ($5.3bn) and iPads ($4.7bn), shipping 3.7bn and 11.5bn respectively. International sales accounted for 60 per cent of Apple’s results.
Revenue target for Q4 is predicted to between $60 billion (£46bn) and $62 billion(£47bn). During the quarter the manufacturer is expected to launch its next line of iPhones.
This Story was sourced from our sister publication Mobile News Magazine