Apple in touching distance of $US1 trillion mark after profits jump


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Apple is on the cusp of becoming the world’s first trillion-dollar company after smashing Wall Street forecasts with a leap in profits.


The US tech giant unveiled quarterly results after Wall Street closed on Tuesday (Wednesday morning AEST), revealing that iPhone sales had jumped to 41.3 million, a slight increase on last year. But the average selling price of each handset increased significantly, suggesting the company has lured its customers into shelling out more for its devices even in a slowing smartphone market.


The iPhone X's high starting price has helped boost Apple's profits.

The iPhone X’s high starting price has helped boost Apple’s profits.


Photo: AP

The news sent shares climbing in after-hours trading to a record high that put Apple within touching distance of reaching a one-trillion-dollar market capitalisation.


The company’s value had surpassed $US960 billion ($1.29 trillion) in trading before the results were released, and its shares climbed around 3 per cent in late trading following the figures.


Apple’s financial third quarter is traditionally quiet, coming in the slow summer months before the company’s hotly anticipated refresh of the iPhone, the device that provides the lion’s share of its revenues.


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