Apple became a trillion-dollar company once again Wednesday (via MarketWatch). It reached the market cap the day after it disclosed details of the iPhone 11.
Trillion-Dollar Market Cap After iPhone Details Revealed
Apple became the world’s first trillion-dollar firm back in August 2018. However, its market cap had not been at that level since November 2018. The announcement of new devices and aggressive subscription pricing sent its shares rising. In total, the stock rose 3.2% Wednesday. That left Apple’s market capitalization $1.01 trillion. Apple stock was priced at 224.43 per share at the time of this writing.
Furthermore, analysts received the announcements positively. Tim Long, an analyst at Barclays wrote that the “lower [average selling prices] make sense as price elasticity has really kicked in for iPhones this year.” Meanwhile, Toni Sacconaghi at money-managers Bernstein wrote:
Apple TV+ will now potentially reach 200 million+ Apple customers in its first year of existence. Even if only a fraction of those customers converts to paid subscriptions after 12 months — which, at only $5 per month, increases the odds of conversion — Apple TV+ could accumulate tens of millions of paid subscriptions by the end of 2020 – potentially making it larger than Disney+.