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.
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