Services in spotlight after Apple stock market value hits $1.4 trillion by randewich
) posts quarterly results on Tuesday, investors will be looking for fresh evidence the iPhone maker should be treated as a producer of high-margin, subscription services after its stock market value touched $1.4 trillion and its earnings multiple trades at decade highs.
The Cupertino, California corporation’s stock has doubled over the past year, even as iPhone sales contract along with the rest of the global smartphone market. Fueling its stellar run has been Chief Executive Tim Cook’s push to turn Apple’s loyal client base into a source of steady services revenue, including streaming video and a credit card launched last year with Goldman Sachs .
Shares of Apple fell 2.9% on Monday from record highs as fears about the economic fallout of the coronavirus outbreak in China hit Wall Street. Analysts on Apple’s quarterly earnings call after the bell on Tuesday will listen for comments concerning the impact on its manufacturing operations in China.Apple’s market capitalization briefly exceeded $1.4 trillion last Wednesday for the first time, but it has yet to end a session at that level.
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