Tech giant Apple’s (NASDAQ:AAPL) market cap approached $900 billion on Friday, boosted by the company’s expectation-topping earnings and indications that, despite a hefty price tag, people can’t wait to get their hands on the latest iPhone.
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Ahead of Apple’s latest earnings report, investors were wary, particularly of the company’s outlook following rumors of tepid demand for the iPhone 8 and doubts about whether people would be willing to shell out $1,000 for the iPhone X.
These fears appear to have been calmed: Instead of wondering whether Apple was too ambitious with its latest phone, investors are watching the company approach a $900 billion market cap, with a trillion dollar market cap within striking distance.
A $900 billion market cap is roughly equivalent to combining: Exxon Mobil (NYSE:XOM), General Electric (NYSE:GE), Boeing (NYSE:BA), Goldman Sachs (NYSE:GS), and McDonalds (NYSE:MCD). To reach a trillion dollar market cap, just add Caterpillar (NYSE:CAT) and Home Depot (NYSE:HD).
On Thursday, Apple announced that in the fourth quarter it had an all-time record quarterly revenue of $78.4 billion and an all-time record quarterly earnings per diluted share of $3.36. The company also increased its outlook for its fiscal first quarter results above expectations, according to Reuters. Apple’s fiscal first quarter is during the holiday shopping season, a very important sales season for Apple’s iPhone.
Meanwhile, Apple’s iPhone X officially launched on Friday and numerous reports indicated long lines for iPhone X buyers, around the globe.