Apple boosted by selling more expensive iPhones

Apple could become the world's first trillion dollar company today

Apple's Market Value Is Approaching A Trillion Dollars: Report

At the moment, Apple is worth $935 billion.

Apple beat sales estimates in part by selling fewer but pricier iPhones than analysts expected.

Apple shares climbed 3.9 percent in extended trading, to $197.75, giving the tech titan a market cap just shy of $960 billion.

There are lots of things to expect from Apple's upcoming quarterly earnings to stay tuned for the latest.

However, total iPhone revenues increased significantly, suggesting the company has lured its customers into paying more for its devices even in a slowing smartphone market. Apple also regained growth in China, where sales rose 19 percent. The numbers were marginally lower that Wall Street estimates of around 41.7 million, but Apple made up for that decline with an increased average selling price, which stood at $724. There are already rumors of three new models this fall, though the company is known to be reticent about upcoming releases. That's raised Wall Street expectations for more sales and profit.

Apple's chief executive Tim Cook said: "We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth".

Cook dismissed the need for record revenue during the call, saying that because the smartphone market is so vast, it doesn't matter if revenue dips or goes up 10%.

The iPhone maker posted the strongest fiscal third quarter results in its history - with $53.3 billion in revenue, easily besting the $52.3 billion analysts had forecast.

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Analysts had predicted that the average iPhone price would be $693.

Apple could become the world's first trillion-dollar company if the technology giant reports better than expected financial results this evening. But in an interview with Reuters, Apple CFO Luca Maestri said the iPhone X was the company's best-selling model during the quarter. Samsung's Galaxy Note 9 launch, slated for next month, reportedly had to be sped up because of the tepid S9 sales.

Another bright point for Appleーrevenues from its services business, which includes its App Store, Apple Music, and iCloud. Revenue from services was up 31% and revenue from other products was up 37%. Paid subscriptions have now passed 300 million, he also noted.

Gross margin for the quarter was 38.3 percent compared to 38.5 percent in the year-ago quarter, with global sales accounting for 60 percent of revenue. Apple says wearable sales was higher by 60 percent during the quarter.

But one of the categories potentially affected by tariffs is the Apple Watch, which is one of Apple's growth drivers.

In the quarter, Apple sold 41.3 million iPhones.

"IPhone X shows that when you deliver a great innovative product there are enough people out there that would like that and it can be a very good business".

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