Despite the news that Apple lost its second place in the smartphone market to Huawei in the past quarter, the iPhone maker is closer than ever to becoming the first trillion dollar company. Following the release of better-than-expected results on Tuesday, the company’s share price climbed almost 6 percent on Wednesday and continued its upward trend on Thursday morning.
While some news outlets already reported that Apple passed the $1 trillion threshold shortly after U.S. markets opened on Thursday, they didn’t consider the fact that Apple updated its outstanding share count on Wednesday, putting the magic number slightly higher than previously thought. The company’s share price needs to hit $207.04 for the company to hit a market capitalization of $1 trillion. At the time of this writing (11:30AM EDT), shares trade just below that threshold, putting the company’s market cap at $997.
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As our chart illustrates, Apple reaching a market cap of $1 trillion would have been unthinkable a decade ago. Back in 2008, the company had just released the iPhone, the iPad was still confined to its secretive labs and the financial crisis had brought the company’s market value down to $76 billion. 10 years and 1.4 billion sold iPhones later, the company founded in a garage in Los Altos, California in 1976 could make history once again.
You will find more infographics at Statista
Huawei Surpasses Apple for the First Time
Huawei surpassed Apple to grab second place in the global smartphone market for the first time in Q2 2018. That’s according to two separate reports from market research firms IDC and Strategy Analytics, which both put Huawei’s quarterly smartphone shipments at 54.2 million, significantly ahead of Apple’s 41.3 million.
Chinese vendors have challenged the dominance of Samsung and Apple for years now, but this is the first time that one of them has actually broken into one of the two top spots. While the American company may have lost its place to Huawei in terms of sheer volume, the iPhone maker is still miles ahead of the competition in terms of revenue. In the past quarter alone, Apple made almost $30 billion selling iPhones, which is little less than what Huawei’s entire consumer business made in all of 2017.
You will find more infographics at Statista
Apple’s iPhone Is On Track For Its Biggest Year Ever
Even though iPhone sales came in just short of analyst expectations in the quarter ending June 30 and Huawei just overtook Apple in the global smartphone market for the first time, The company’s flagship product is on track to have its biggest year ever.
Through the first three quarters of fiscal 2018 (which ends September 29), the company’s iPhone revenue amounted to a whopping $129.5 billion, beating the previous nine-months record of $122.8 billion dating back to 2015.
Considering that the smartphone market as a whole is no longer growing and iPhone unit sales are also more or less flat, Apple’s decision to release the $1,000+ iPhone X last year can be considered key to the iPhone segment’s latest success. Taking its average selling price to $724 in the most recent quarter, Apple is not even close to its competitors in the smartphone market in that respect.
You will find more infographics at Statista
