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Apple hits a new all-time high
On a day when most tech stocks were trading in red, shares of Apple (AAPL) reached a new all-time high ($217.95) today and the stock closed today’s trading session up by 2% to $217.58. The stock’s previous 52-week high was $213.81. Out of the FAANG (Facebook, Apple, Amazon, Netflix, and Google – now Alphabet) stocks, only Apple was trading in green today.
The tech giant that became the first $1 trillion market cap company in the US in early August continued its upward momentum and today its rise helped the Dow Jones index to climb up. The stock has been trading between $149.16 and $217.68 in the past 52 weeks and has surged 37% in the last one year and 28% so far this year.
In its recently ended third quarter, Apple reported 40% growth in EPS on a revenue jump of 17%. Commenting on the results CEO Tim Cook said, “We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth.”
The tech mogul is now expected to make some exciting announcements like the introduction of iPhone 9, Apple Watch Series 4 and MacBook Air in its September 2018 event. Meanwhile, Apple’s Services segment, which consists of iTunes, Apple Pay, iCloud, and App Store, Apple Augment Reality (AR) glasses, and Apple Car is believed to be the growth engines for the tech giant in the future.
Almost all the analysts who are covering Apple, rates the stock as “Strong Buy or Buy or Hold”. It’s also worth noting the increasing stake of Warren Buffett’s Berkshire Hathaway (BRK.A) in Apple shares. Currently, Berkshire holds 252 million shares of Apple. However, trade war tensions, higher debt, and some patent lawsuits are expected to trouble the tech giant in the near future.
That said, Apple has got more pros than cons and who knows, the stock which doubled its market cap to $1 trillion in five and half years, might become a $2 trillion company in a decade.
Related: Live Blog: Apple Q3 2018 earnings call
Google employees protest against controversial China search engine
Alphabet Inc. (GOOGL) subsidiary Google has been facing flak for quite a while now on its plans to launch a censored search engine in China. The project has been criticized by both the company’s employees as well as external groups who claim that it goes against Google’s core values.
Thousands of Google employees were said to have signed a letter raising concerns against the project and have also demanding better clarity from the company to facilitate more ethical decision-making with regards to their work.
Google CEO Sundar Pichai, along with other executives, had a meeting with employees on Thursday during which, questions regarding the China issue were addressed. The CEO tried to assuage the apprehensions of the employees by stating that Google was not in any hurry to launch a search engine in China and that the company was merely exploring the options available in front of it.
Google CEO Sundar Pichai said Google was in no hurry to launch a search engine in China and is merely exploring available options
Pichai added that there was no sufficient clarity with regards to the possibility of a successful launch in the country. However, there is still a lot of uncertainty regarding Google’s China plans and not much was revealed at the meeting.
Several reports have come out on Google’s Chinese search engine. It was claimed that Google was planning to launch a censored version of its search product in China, complying with the country’s strict laws. It was also said that Google, which has always supported an open and free internet, was ready to bend its rules for China, a lucrative market with a large customer base. The company started to get a lot of criticism, including from its own employees.
This is not the first time Google employees have protested its projects on ethical grounds. Earlier in the year, employees came out in protest of Google’s collaboration with the Pentagon over a drone project named Project Maven.
Related: Google’s Chinese search engine plans continue to ruffle feathers
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