Apple took the high-tech throne, since the company’s financial results for the third quarter exceeded all expectations.
Net income jumped by 32% to $11.5 billion, revenue increased 17% to $53.3 billion, and earnings per share reached $2.34. This is 40% higher than the preceding year's figures. The revenue growth was driven by the sale of iPhone X. The market took a liking to the fact that the boom was due to the flagship product rather than some spin-off projects.
Apple rose in investors’ esteem and became the first US public corporation to reach a capitalization of $1 trillion. Stock prices broke a record high of $207.39. Thus, it may be said that Tim Cook almost realized the dream of Mark Zuckerberg, who set sights on the trillion-dollar market value of his social network seven years ago. Now it is evident that Facebook can achieve such a capitalization only after Apple.
Referring to Facebook, it is worth noting that despite the excellent financial performance, shares of this internet giant have fallen. The collapse of capitalization was the largest in the US history. As previously reported, the stock decline cost Zuckerberg $17 billion.
The decline in stock prices of the world's popular social network and other high-tech companies resulted in the fall of the Nasdaq index. Analysts note that Apple is pushing the technology sector higher, which has been weakened by mounting pressure from US lawmakers and European officials on Facebook.