Apple inches closer to $1 trillion valuation

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Apple trillion

Apple had inched closer to being valued at $1 trillion (£763 billion) after its third quarter sales and profits surged.

For three months to the end of June, the technology giant saw profits spike 32 per cent to $11.5 billion (£8.7 billion) while sales grew 17 per cent to $53.3 billion (£40.6 billion).

This marked new record for Apple’s third quarter and it is now valued around $935 billion (£713 billion) – putting it ahead of rival Microsoft at $815 billion and online retail giant Amazon at $870 billion.

The phone and computer manufacturer, which operates its own stores around the world as well as an ecommerce site, said its results were bolstered by the ongoing popularity of iPhones.

Apple sold 41.3 million of its smartphones during the quarter, despite the higher prices of the iPhone X.

Meanwhile, sales of “other products” category items – including the Apple Watch, AirPods earphones, Apple TV and HomePod speaker systems – surged 37 per cent year-on-year.

Apple also reported growth in its services arm, which includes Apple Music, as well as online TV, news, cloud-hosting and gaming services.

The tech behemoth said it was expecting fourth-quarter revenues to come in between $60 billion and $62 billion, ahead of analyst consensus of $59.5 billion.

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