Apple has turned a typically quiet sales period into a strong financial performance.
Apple reported its Q3 2018 earnings Tuesday, posting $2.34 USD earnings per share on revenue of $53.3 billion. That beats analysts’ expectations of $2.18 USD earnings per share on revenue of $52.31 billion.
Now, according to a new report from CNBC, Apple may come quite close to finally topping a trillion dollar market valuation Wednesday. The stock price needs to clear $203 USD per share to hit the historic milestone.
“Shares hit the $200 mark during mid-morning trading after opening at $199.13,” reads the report. “Shareholders had previously been looking for a stock price of $203.45 to make Apple the first trillion-dollar company — though the company is expected to announce an adjusted outstanding share count later Wednesday that is likely to move the threshold.”
Based on the company’s report, the iPhone and Apple services represented the largest growth in revenue for the company. In the quarter, Apple sold 41.3 million iPhones versus analysts’ expectations of 41.6 million handsets. Apple sold 41 million smartphones in the same quarter last year.
Wall Street is largely bullish on the report, and many see Apple staying the course. Analysts for Morgan Stanley and RBC Capital both noted Apple is steadily on its way to $1 trillion USD.
“Apple’s narrative is shifting towards their ability to sustain mid-single digit sales growth despite flat iPhone units and low-to-mid teens EPS growth via buybacks,” RBC analysts wrote in a note. “Hit Snooze for 90 Days. Path to Trillion Intact.”
“I think the smartphone market is very healthy,” Apple CEO Tim Cook said during the company’s earnings call on Tuesday. “I actually think it’s the best market in the world to be in for someone who’s in the business we’re in.”