There’s a new most valuable company as tech giant reclaims top spot
Apple has surpassed the expectations of Wall Street, overtaking Nvidia to reclaim its spot as the world’s most valuable company for the first time since last April.
In an earnings call, the tech giant announced it generated a revenue of $163.6 billion ($US114.48 billion) to snatch the top spot from fellow tech giant Nvidia, surpassing initial analyst expectations of $162.19 billion ($US113.46 billion).
In his first earnings call since succeeding former chief executive Tim Cook in September, John Termus took control over a quarter led by consistent demand. AP Photo/Jeff Chiu
The announcement follows the October 23 release of the iPhone Duo, Apple’s first-ever foldable phone with an entry-level price of $3499.
Apple called demand for the phone “nothing short of extraordinary”, with delivery times pushed into next year as the phone sold out immediately.
“Today, Apple is proud to report a September quarter revenue record of $114.5 billion, up 12 per cent from a year ago, with iPhone reaching a September quarter record and Services reaching an all-time high, capping off our best fiscal year ever,” Apple Chief Executive John Ternus said.
“We’re closing the year with our most ambitious lineup yet. That includes the iPhone Duo, the most transformational iPhone since the original, alongside iPhone 18 Pro and iPhone 18 Pro Max, our most powerful iPhones yet.
The iPhone Duo’s base 256-gigabyte model retails for $3499. Apple
“We also just introduced a whole new generation of hardware for the home and brought Touch to Mac for the first time.
“Together with the all-new Siri AI, it’s an incredible lineup to carry us into the holiday season,” he said.
The shift in positions comes as Nvidia shares dipped by 3.5 per cent, lowering its market capitalisation to about $4.86 trillion.
Meanwhile, Apple stocks remained steady as its market value raised to $4.88 trillion, allowing the tech leader to reclaim the top spot for the first time since April last year.
In his first earnings call since succeeding former chief executive Tim Cook in September, John Termus took control over a quarter led by consistent demand.
iPhone revenue topped expectations at $82.39 billion ($US57.58 billion), while services, which is the company’s second-largest unit, met expectations at $45.2 billion ($US31.57 billion).
Across Apple’s other hardware, Mac generated $15.45 billion ($US10.79 billion), wearables, including Apple Watches, contributed $8.3 billion, and iPad revenue reached $8.92 billion ($US6.23 billion).
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