Please select the second broker

Author: Alan LittleDate: 2020-08-04

Apple (AAPL) nears $2tn market cap after post-earnings rally

Apple (AAPL) is closing in on a $2tn market value for the first time after its shares rose 5% to a session high on Monday following on from its post-earnings surge late last week.

Apple closed last week 10% higher after it published a stellar quarterly report, and it continued on an upward curve following the first bell on Monday as shares peaked at $446.55.

The tech giant has already soared 48% this year, and its recent momentum was aided by impressive earnings and revenue beats for the three-month period to 31st June 2020.

Apple posted $2.58 earnings per share late on Thursday, which was 23 cents higher than the pre-report estimates and a 25.9% increase on the figure from a year earlier.

Group revenues also climbed 13.4% to $59.7bn.

CEO Tim Cook said that he was “very pleased” with the performance and highlighted a better-than-expected May and June for iPhone sales.

Revenues for the smartphone division rose 2% to $26.4bn, aided by the release of the affordable iPhone SE in April.

Services revenue, which covers Apple Music and Apple TV+, also brought in $13.2bn, a 15% hike year over year.

Apple shares skyrocketed past the $400 mark on Friday and were changing hands for around $437 by mid-Monday morning.

Analysts remain bullish on Apple stock, with Canaccord Genuity’s Michael Walkley among those offering a ‘buy’ rating.

Walkley, who also reiterated a $460 price target, added: “Starting in Q1/F21, we believe Apple is well-positioned to benefit from the 5G upgrade cycle and anticipate strong iPhone growth to contribute to overall strong growth trends.”

Apple could become the first US company to hit a $2tn market cap in the coming days if shares continue to rise.

Scam Brokers, Broker Complaints

Are you aware of a scam broker or want to make a broker complaint?

We want our site users to find good brokers to trade through and to be warned off bad brokers. We encourage you to use our complaints tool to let us know about your experiences.

We have categorised the common complaints to make it easier for you and we have provided some guidance on what you may want to try before submitting a complaint, if our suggestions do not provide you with a resolution then by submitting a complaint, our team will attempt to take up your case with the relevant Broker and if needed, submit a formal report to the regulators.

We use the information you give us to decide if we want to continue to promote a broker on our site.

Your scam broker complaint not only helps you, it helps others and it helps us determine if we continue to support the broker.