Apple results beat sets eyes back on $1-trillion GlobeInvestor
Apple Inc shares rose almost 5 percent on Wednesday, pushing the iPhone maker’s market valuation back towards $1 trillion as its quarterly report and upbeat forecast calmed investors worried about slowing growth.
The company’s shares were trading around $210 in early trading after closing at $200.67 on Tuesday ahead of the quarterly report and valuing the company at around $970 billion, based on 4.6 billion shares outstanding.That leaves it trailing Microsoft in the race to be the world’s biggest company by market value, substantially because the number of Apple shares has fallen steadily as it returns billions of its profits to investors by buying back its own stock.
Apple said its buybacks last year amounted to more than $70 billion, or around five times its own spending on research and development. For now, while iPhone sales fell again in the second quarter, the company’s services revenue beat Wall Street expectations and it forecast an upbeat third quarter.
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