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Apple worth $1 trillion, market shares eclipsed by Huawei

Apple worth $1 trillion, market shares eclipsed by Huawei

Apple Inc. updated its latest share count on Wednesday, putting the magic stock price at 207.04 US dollars and making the iPhone maker the first publicly listed US company valued at 1 trillion US dollars.

Apple said in a quarterly filing to the Securities and Exchange Commission, or SEC, that its share count was 4,829,926,000 on July 20, less than the 4,842,917,000 it reported on Tuesday for the end of the June quarter.

Apple’s stock rose 5.89 percent to a record-high close of 201.50 US dollars on Wednesday following the company’s better-than-expected quarterly results.

That would put Apple’s stock market value at 973 billion US dollars, based on its newly disclosed number of shares.

With a mountain of overseas cash freed up by last year’s sweeping US corporate tax cuts, Apple bought back a record 43 billion US dollars of its own shares in the first six months of 2018, and its report to the SEC suggested it has continued that program in recent weeks.

A lower share count means Apple’s stock must reach a higher price to reach a 1-trillion-US-dollar market capitalization.

The situation faced by Apple is mixed.

Data released by the International Data Corporation (IDC) on the same day showed that China’s Huawei overtook Apple to become the world’s second-biggest smart phone seller during the second quarter of this year.

 

Huawei moved into the second position with shipments of 54.2 million. At the same time, Apple and South Korean electronics giant Samsung, the top smartphone maker, shipped 41.3 million and 71.5 million handsets respectively.

Apple claimed 12.1 percent of the global smartphone market over April-June, falling behind Huawei’s 15.8 percent and Samsung’s 20.9 percent share, according to the IDC Worldwide Quarterly Mobile Phone Tracker.

Source(s): AFP, Reuters
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