Apple, currently the world’s most valued company, has touched the much awaited $1 trillion valuation after its fiscal 2018 third quarter results exceeded expectations.
The company posted quarterly revenue of $53.3 billion, an increase of 17% from the same period a year-ago while quarterly earnings per share rose by 40% to touch $2.34. International sales accounted for 60% of the quarter’s revenue. Apple’s profits shot up by 24% to reach $11.5 billion.
This is Apple’s best June quarter ever, while it marked its fourth consecutive quarter of double-digit revenue growth. “Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline,” said Tim Cook, Apple’s CEO.
The latest results also indicate that the iPhone maker has successfully diversified its revenue streams. Apple’s services business, which includes its subscriptions, apps, music, apple care business, clocked revenues of $9 billion. The annual revenues from services are expected to double this year.
The results came in after trading hours on Tuesday. The company whose current market cap is $935 billion is expected to trade about 3% higher on Wednesday where its market cap is expected to breach the $950 billion mark. The stock of the world’s most valuable company has gone up 12% this year.