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Apple Could Soon Be Worth $1 Trillion as Profits Pour In

Apple Could Soon Be Worth $1 Trillion as Profits Pour In

Apple reported another strong quarter of profits on Tuesday, as consumers kept buying iPhones and paying more for them, news that could soon help make the Silicon Valley giant the first public company to be worth more than $1 trillion.Apple said its profit increased to $11.52 billion in its most recent quarter, up nearly a…


Apple reported another strong quarter of profits on Tuesday, as consumers kept buying iPhones and paying more for them, news that could soon help make the Silicon Valley giant the first public company to be worth more than $1 trillion.

Apple said its profit increased to $11.52 billion in its most recent quarter, up nearly a third from the same period a year earlier, showing that the company’s enormous business selling iPhones and other gadgets continues to breeze along.

The strong results beat Wall Street estimates and sent shares up nearly 4 percent in after-hours trading, for a market value of more than $950 billion.

Apple’s ascent past $1 trillion in market value would further confirm a remarkable turnaround from the brink of bankruptcy two decades ago. The steep growth was driven by a series of new products that upended the technology industry — and, in some cases, society — and that remain big sellers.

buy back $100 billion in stock. On Tuesday, the company said it had returned $25 billion to shareholders in the quarter, including $20 billion in share repurchases.

could threaten its high-flying business.

Apple makes most of its products in China, which is also its third-largest sales market. Mr. Cook said Apple was evaluating a new round of proposed American tariffs on Chinese goods that could hit some Apple products, like the Apple Watch, “and we will be sharing our views of it with the administration.”

Some Apple executive are also concerned that the tariffs could prompt Chinese officials to hamstring Apple’s business in China as retaliation, The The New York Times reported in June. “I can’t predict the future, but I am optimistic that the countries will get through this,” Mr. Cook said.

Apple said Tuesday that its revenue in mainland China, Hong Kong and Taiwan had increased 19 percent to $9.55 billion, nearly the same rate of growth for its sales in the United States.

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