Apple shares hit all-time high at $120 before dropping back
The company earned an incredible $18.1 billion for its fiscal first quarter, on revenue of $74.6 billion. 69% of the latter figure was attributable to iPhone sales. Not only did Apple increase shipments of its iconic smartphone from 51 million to 74.5 million year-over-year, it also managed to raise the average price of the product by $50 per unit.
As analyst Colin Gillis of BGC Financial points out, "They have been able to increase volume and raise prices. It’s a thing of beauty." But even Gillis warns that nothing goes up forever. "They have a profit empire, but does any empire ever last?"
With the shares now down under $118 as we head to the closing bell on Friday, Apple is valued at $682.49 billion. Perhaps the most amazing statistic is that the tech titan is now worth 84% more than Exxon Mobil, and more than twice as much as Microsoft.
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