Of course, it was obvious from Apple’s latest Q3 earnings that the company was close to becoming the first trillion dollar company in the US. Then we had reported that Apple only needed a 7 percent rise in stock to hit the magic figure, with current overall worth put at $935.3 billion.
Finally on Thursday the company achieved the remarkable feat after it reached a $1 trillion market cap, per CNBC. By this achievement, the company becomes the first company in the US to reach the milestone. Apple’s feat can be attributed to record sales in its iPhone X, as well as its other line of services and products.
Apple’s profit of $11.52 billion is up nearly a third of corresponding period in 2017. Declared result is way above Wall Street forecast, though, more works still need to be done to improve its revenue in the area of chips.
The company said it sold 41.3 million iPhones this current quarter iPhone revenue soared by 20 percent, but that is largely due to Apple getting consumers to pay close to 20 percent more for the phones on average.
Apple impressive profit was also aided by good showings from Apple Music, iCloud, and Apple Care with a combined 31 percent increase of $9.55 billion in revenue.
The US and China continue to be the critical markets for the company’s products and services. As a matter of fact, Apple is currently the dominant provider of choice in the US ahead of Spotify in terms of music service. Apple Music is said to be ahead of Spotify in the US, generating more subscribers than its biggest rival.
Within three years, Apple Music achieved the 20 million turning point, which is remarkable considering the popularity of Spotify, which took more than three years to gain.
Apple Music’s biggest gain is coming from the appeal of the iPhone to obtain new subscribers. That offers the music service an upper hand in nations like the US, where iPhone use is higher than it is in the remainder of the globe at large.
Apple Music comes preinstalled on all iOS devices, including iPhones and iPads. The music service allows users to stream from a directory of 45 million tunes or play from their iTunes collection.
A while ago, Apple made some policy changes that affected cryptocurrency miners on both the iPhone and the iPad. The company said all apps, including “any third-party advertisements displayed within them, may not run on unrelated background processes, such as cryptocurrency mining.”
The company’s new guidelines may not have serious implications for miners at the moment since it is almost impossible to mine cryptocurrencies on the iPhone and the iPad, however, the company could be making this rule for the future. Technology is likely to get to that point where the possibility of mining cryptos on some Apple products cannot be ruled out.