2 Aug 2018

Apple to become first trillion-dollar company

From Morning Report, 8:35 am on 2 August 2018

Apple the largest tech company in the world is on the verge of becoming the first ever trillion-dollar company. It's never been achieved by a public company in the US. The tech giant hit the US$200 per share mark during mid-morning trading on the US stockmarket on the back of its phone sales. Overall the tech giant's revenue jumped 17 percent year-on-year to a quarterly record of US$53.3 billion with every region except Japan reporting double-digit growth. Profits rose to US$11.5b, up 32 percent compared to the same period in 2017. Aswath Damodaran is a Professor of Finance at New York University. He describes Apple as the "greatest cash machine in history," and among the best value stocks on the market in the US. But he says those investing in Apple have to be realistic about how the company will perform in future.