After announcing its Q3 earnings on Tuesday, Apple is edging closer to being the first trillion dollar company in the US. The company’s profits continue to soar as it announced an impressive $11.2 billion in profits as demands for iPhone keep rising. If current trend is sustained, Apple could become the first company to be worth $1 trillion.
Based on Apple’s Q3 report, Apple services, the iPhone inclusive, represented the company’s biggest growth in terms of revenue. As a matter of fact, Apple only needs a 7 percent rise in stock to hit the magic figure, with current overall worth put at $935.3 billion.
Apple, according to the New York Times, announced that its profit of $11.52 billion is up nearly a third of corresponding period in 2017. Declared result is way above Wall Street
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 Apple and its products. 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.
The music service comes preinstalled on all iOS devices, including iPhones and iPads. Apple Music allows users to stream from a directory of 45 million tunes or play from their iTunes collection.
Two months 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.”
Apple’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.
Apple is maybe concerned with those apps that drain batteries and don’t use power efficiently. That may not be the only issue, but it brings to the limelight what view the company has per how third-party apps affect the performance of its devices.