The tech company have revealed better than expected quarterly results as consumers wait for the launch of the iPhone 8
Apple revealed its third-quarter earnings yesterday (August 1) along with a staggering new valuation of the company.
The tech giant brought in $45.4 billion (£34.3 billion) in the last three months, leaving the company with a value of nearly $830b.
The figures exceed expected revenue predicted by analysts. The launch of the iPhone 8 later this year was anticipated to have an impact on the quarterly report, with consumers expected to hold off purchasing iPhones until the newest model was available. The iPhone 8, which will mark the 10th anniversary of the first iPhone, is rumoured to include features such as wireless charging and facial recognition software.
However, Apple have revealed that, despite the impending launch, they still sold 41 million iPhones this quarter, with sales of the iPhone 7 up by 1.6 percent year on year.
According to NPR, CEO Tim Cook ascribed the company’s performance to upgrades in both its iPad and Mac ranges, while he also said Apple had done well in areas like cloud storage, the app store and its streaming service, Apple Music.
Twitter users reacted to the news of Apple’s eye-watering new worth, with many attempting to contextualise its value in real-life terms. “If Apple’s cash position was a stack of pennies, it would reach almost 25 million miles into space. And would weigh 144 billion pounds,” wrote one user.
“Apple’s cash position is currently $261.516 billion. Or about $35 per person in the world,” explained another.” See more reaction above.