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Life+News The Official News Portal of Independent Television Network Ltd

Apple falls below $1tn despite revenue and profit rise

ITN News Editor
By ITN News Editor November 2, 2018 16:25

Apple falls below $1tn despite revenue and profit rise

Apple briefly lost its $1tn valuation yesterday when its shares fell 7% in after-hours trading despite posting record results. The tech giant’s strategy of charging more for its phones has paid off, with revenues jumping in the last three months despite relatively flat sales. Revenues rose 20% to $62.9bn year-on-year, and profits rose 31% to $14.1bn. But a warning of possible weaker sales in coming months sparked a share price slide after official trading ended. The sell-off accelerated after Apple said it would stop disclosing the number of units sold. Apple executives defended their decision, arguing that the figures are no longer good indicators of the firm’s financial health.The total number of smartphones sold by all makers globally declined for the first time in 2017.

ITN News Editor
By ITN News Editor November 2, 2018 16:25