Apples share price hits record high, kicking $1 trillion hype into gear
Shares in Apple have hit a record high today as the company nears a $1 trillion valuation.
Results released last night for its third quarter smashed past analyst expectations, with promises of three new iPhones and a bumper September profit convincing investors of sustained growth for the Cupertino tech giant.
Apples share price is up 5.3 per cent at the time of writing, at $200.43. It will need to go above $203, a roughly seven per cent increase, to break past the trillion-dollar market capitalisation.
Apple will be the first US company to do so, although its fellow FAANGs are hot on its heels.
Revenue for its fourth quarter are forecast between $60bn and $62bn, surpassing the $59.6bn that analysts had predicted, according to Thomson Reuters.
The company is expected to release a second edition of its best-selling iPhone X, as well as a larger version in the form of an iPhone X Plus, and a budget-friendly iPhone 9.
The iPhone X Plus is also rumoured to include support for dual SIM technology, as iOS 12 beta code revealed phrases hinting at a second SIM tray.
Analysts also expect the company to soon unveil a video service, which could take on leading streaming services like Netflix and Amazons Prime.
Apples chief executive Tim Cook hinted at a content project in an earnings conference call last night, run by two prominent television executives hired from Sony.
The company has pleased its investors with a record number of buybacks in 2018, surpassing $20bn throughout the June quarter to bring its tally up to $43bn. For reference, that's more than the total valuation of 75 per cent of companies in the S&P 500 index.