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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.
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