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Apple beats sales forecasts and edges closer to $1 trillion market value

Aug 1, 2018

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 By Kate Brown

Apple beats sales forecasts and edges closer to $1 trillion market value - Knowles Warwick

Apple, the world’s most valuable company, has increased its revenue by 17% year-on-year to a quarterly record of $53.3 billion (approx. £40.8 billion). Profits have also jumped by 32% to $11.5 billion (approx. £8.7 billion).

Over a 16 year period, Apple’s market value has grown closer to $1 trillion. Apple’s market value timeline can be seen below:

  • IPod launch, October 2001 – $6 billion
  • IPhone launch, June 2007 – $106 billion
  • IPad launch, January 2010 – $174 billion
  • Tim Cook replaces Steve Jobs as CEO, August 2011 – $624 billion
  • IPhone 6 launch, September 2014 – $603 billion
  • IPhone X launch, September 2017 – $796 billion

Higher selling prices, as well as strong growth from Apple’s services business (App store, Apple Music and Apple Play), have boosted Apple’s market performance. Currently, the average iPhone sells for $724. The popular iPhone X launched last year sells for a whopping $999.

Tim Cook, CEO of Apple, said: “We couldn’t be happier with how things are going”.

 

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