Apple Becomes the Most Valuable Company in the US
This is shaping up to be an excellent week for Apple. First, the company reported record-breaking October-December quarter results late Tuesday. By mid-day Wednesday, the company’s blockbuster earnings catapulted its shares, pushing it past Exxon Mobil to become the most valuable company in the country.
Apple shares were up 6.37 percent at $447.20 on Wednesday, giving the tech maker a market capitalization of $414.52 billion. Unfortunately for Exxon, its shares dropped 0.92 percent at $86.38, for a market cap of $411.45 billion.
Apple’s record earnings can be attributed to strong sales of all of its signature products, but it was the iPhone 4S that brought particularly good tidings.
More than half of Apple’s revenue for the quarter came from iPhone sales for the first time since they hit the market. 37 million iPhones were sold, generating over $24 billion in revenue—that adds up to 53 percent of the company’s total of $46.33 billion.
In terms of profit, Apple posted $13.06 billion, which is more than double what it posted last year.
“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads, and Macs,” said CEO Tim Cook in a statement. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”
Can Apple carry this momentum through the second fiscal quarter of 2012? Apple CFO Peter Oppenheimer says the company expects revenue of about $32.5 billion and diluted earnings per share of about $8.50.