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When the iPhone X launched on November 3, Apple became a $900 billion enterprise in terms of market capitalization (market cap). The company’s stock rose more than 3% that day, bringing prices to $174.26 per share.
As of November 9, 2017, the NASDAQ index shows Apple closed the day with a stock price of $175.88 per share and a market cap of $903.02 billion. To get to $1 trillion, Apple needs around $20 added to their stock price. Granted, an additional $97 billion is nothing to sneeze at, but Apple’s current success means the $1 trillion market cap is actually within reach.
That success can be largely attributed to the iPhone X, which has created a new level of frenzy among consumers even with its hefty price tag of $1,000. In a statement released on October 27, Apple states “We can see from the initial response, customer demand is off the charts.”
However, it is also this demand that has analysts worried that the company may not be able to produce a sufficient supply of iPhone Xs to satisfy demand. Industry experts estimate that approximately 25 to 30 million units will be ready by year’s end, with production picking up significantly by 2018.
2017 isn’t over yet, and it isn’t far fetched to think that Apple might become a trillion-dollar company before the year is over. The year has been strong for Apple, especially for the iPhone.
Apple’s revenue forecast for this year’s first quarter was between $84 billion to $87 billion—well within the $84.18 billion forecast by market analysts.
Sales are also solid. Apple says it sold 46.7 million iPhones by the end of September, and the revenue from these sales totalled $28.85 billion dollars. In addition, they made up about 55% of Apple’s current revenue of $52.58 billion.
By all indications, Apple has had a spectacular year, and things are still continuing to look up for iPhone’s parent company. Its performance for the rest of 2017 and the first quarter of 2018 will likely determine if it succeeds in its objective of a $1 trillion dollar market cap. Right now, though, one thing’s for sure: the company is on the right track.
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