Leading up to the release of the highly anticipated iPhone X, Apple shares rallied on better-than-expected fourth quarter earnings results. Apple’s market cap briefly hit $900 billion in after-hours trading Nov. 2 and sent shares of the company up 4.34 percent, leading many analysts to believe that Apple is on the path to becoming the first trillion dollar company.
Apple reported GAAP earnings of $2.07 per share compared to Wall Street’s prediction of $1.87 per share, on revenue of $52.6 billion compared to the $50.5 billion expected by experts. And while the company’s new flagship, iPhone X, is expected to help push Apple towards the trillion dollar mark, Apple also has seen an increase in iPad and Mac sales, with both devices having increased by 11 and 10 percent respectively within the last year.
The company needs to hit $193.60 per share, an 11 percent move higher than its current price of $175.12, to become the first trillion dollar company. And this milestone could be just around the corner for Apple as the company is now reportedly worth $902 billion following the release of the company’s earnings report.
Experts expect these numbers to rise as we roll into the holiday season and as the iPhone X continues to fly off the shelves.