Wednesday, 23 May 2018
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Apple approaches trillion-dollar mark, but Amazon is catching up

Apple approaches trillion-dollar mark, but Amazon is catching up
13 May
8:30

Apple is on the verge of becoming the first US$1 trillion publicly listed U.S. company, but even if it gets there, it could soon be overtaken as Amazon.com surges from behind.

Started in the garage of co-founder Steve Jobs in 1976, the iPhone maker’s annual revenue has ballooned to US$229 billion, greater than the gross domestic product of countries including Portugal and New Zealand.

Apple’s market capitalisation on Thursday topped a record US$934 billion, following its unveiling last week of a US$100 billion buyback budget and news that Warren Buffett’s Berkshire Hathaway dramatically increased its stake in the company.

Thanks to a 12 per cent rally since its quarterly report last Tuesday, the Cupertino, California company is just eight per cent short of hitting the US$1 trillion valuation mark.

Pointing to Apple’s recent 31 per cent jump in service revenue, including music streaming and online storage, CFRA analyst Angelo Zino has upped his target price for the stock from US$195 to US$210, which would put Apple’s market capitalisation at US$1.03 trillion.

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