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.
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.