“Apple just followed up its record fourth quarter profits, and the 74.5 million iPhones they sold last quarter, by becoming the first American company with a market value above $700 billion,” Joe Belfiglio reports for Yahoo Finance.
“Yahoo Finance Editor-in-Chief Aaron Task says Apple’s CEO Tim Cook deserves a lot of the credit,” Belfiglio reports. “Apple detractors also thought consumers in China wouldn’t buy pricey iPhones, Cook proved them wrong on that as well. Apple’s revenue in China grew an astounding 70% last quarter to $16.1 billion. Cook credits solid iPhone 6 sales in China as one of the biggest reasons his company is thriving.”
Belfiglio reports, “As far as Apple’s potential to reach a trillion dollar value, Task thinks the verdict is still out on that. ‘It’s still a big jump from here. You can see it from here but its still a long way away. The watch would have to be a phenomenal product. They would have to finally come up with a TV product that is a mass-market consumer product. You can see it in the distance, I don’t know if they can get there.'”
Read more in the full article here.
MacDailyNews Take: Give Apple a realistic P/E ratio and it’s already a trillion dollar company.