New Delhi: The pent-up demand for its newly-released iPhone 11 series has made Apple the most valuable company in the US again, ahead of Microsoft with a $1.07 trillion market cap.
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Sailing through the US-China trade war that may impact its devices too, Apple stock has reached $236.21 to beat the previous high set just over a year ago.
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The news that Chinese and American trade negotiators have reached a preliminary agreement aimed at easing the ongoing trade war between the two nations after holding a new round of high-level talks in Washington, DC, also helped Apple as a proposed 15 per cent tariff looms on $156 billion in Chinese goods, including smartphones and other consumer goods, from December 15.
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At the moment, only two US companies – Apple and Microsoft – are in the $1 trillion market cap bracket, with Jeff Bezos-led Amazon inching closer.
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Apple shares are about five times higher than they were when Tim Cook became CEO of the company in August 2011, reports Barron’s.
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The rally owes partly to a report by the Nikkei Asian Review claiming that Apple is ramping up production of its three iPhone models by as much as 8 million units or 10 per cent of its production.
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Apple’s weak rally in Q4 2018 was largely driven by concern over iPhone demand. The tables have turned, and this time Apple is set for a record sales riding on aggressive pricing and attractive discounts in countries like India.
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The Cupertino-based iPhone maker is expected to report Q4 results on October 30.
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The iPhone 11’s pricing strategy has worked well for the consumers in India too as the devices went out-of-stock at both Amazon India and Flipkart in just three days after the pre-booking was thrown open on September 20.
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The increase in orders appears to validate Apple CEO Tim Cook’s new strategy of enticing budget-conscious consumers with cheaper models amid the weakening world economy.
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Apple is in for a bumper festive season sales and the iPhone 11 series — starting from Rs 58,900 – has registered very strong demand from the consumers in the country.
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