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Apple Flirts With $1 Trillion Market Cap After Strong Earnings Report

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Apple is closing in on a $1 trillion market cap following a strong third-quarter earnings report that exceeded Wall Streets projections.

The company reported per-share earnings of $2.34 for the quarter, up 40% from the same time last year and handily beating analysts consensus estimates of $2.18.

Revenue reached $53.3 billion, an increase of 17% from a year ago and exceeding Wall Streets projections of $52.34 billion. Investors reacted enthusiastically, driving the stock up 5% in after-hours trading to $195.90 a share.

Apples market cap sits at $935.3 billion.

“Our Q3 results were driven by continued strong sales of iPhone, services and wearables, and we are very excited about the products and services in our pipeline,” CEO Tim Cook said in a statement accompanying the results.

Apple sold 41.3 million iPhones in the quarter, up 20% from the same time a year ago. Ipad and Mac sales fell by single digits, compared to the prior year.

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Services and “other products,” a category that includes AppleTV, the Apple Watch and other Apple-branded devices and accessories, saw year-over-year sales increase by more than 30%.

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