Apple shares have been storming ahead of late, with the company experiencing phenomenal demand for its new iPhone X and continuing to beat results expectations.
In August 2012, Apple became the most valuable company in history when its market cap reached $620bn. The latest rise in the shares means Apple eclipsed another milestone this week when its market cap breezed past the $900bn threshold.
The shares have surged by around 60% over the past twelve months, with most of the gains notched up year-to-date.
Apple´s massive capital expenditure means it can continue to churn out market-leading products such as the iPhone X, which leave its competitors' offerings looking dated in comparison.
The hefty price tag of $999 has done little to deter the well-heeled from queuing to get hold of the latest must-have. Such is the appeal of the iPhone X that Apple´s challenge over the coming months will be keeping up with the runaway demand that has already left some punters having to wait a month to get hold of the product.
But this giant of technology giants is far from being a one-trick pony.
Apple´s results for the quarter ended 30 September exceeded analysts´ expectations across the board. Quarterly revenue jumped 12% to a mind-numbing $52.6bn while earnings per share surged 24% to reach an all-time record of $2.07.
Net income rose to $10.7bn versus $9bn in the year-ago quarter.
In fact, the results were so good that it was quite difficult for anyone to find much negative to say. Apple´s fourth-quarter fiscal 2017 results coincided with the launch of its iPhone X and reports that the new smartphone was proving so popular that people were waiting for hours in queues around the world to get their hands on one.
Apple also used its results day last week to trumpet the strong year-on-year growth of its non-iPhone business segments, including services, where revenues reached an all-time high.
The tech group´s services revenue includes sales derived from App Store, iTunes, Apple Music, iCloud, Apple Pay and licensing.
Services revenue for the quarter came in at $8.5bn, a 35% jump on the $6.3bn generated in the same period last year.
Reading through Apple´s results numbers, it´s clear why the main focus of investors continues to be on the iPhone business segment.
Accounting for 55% of overall revenue, the iPhone division is still the biggest piece of the Apple pie.
Among the many nuggets of good news for investors however is that this is down from the near 60% of revenue that the iPhone segment represented in the year-ago period.
Along with the services unit, the Mac business was another area that posted strong year-on-year growth, with revenue surging 25%.
At the same time, the widely reported popularity of the iPhone X is likely to see an uplift for the iPhone segment in the current quarter, bettering the all-important division´s relatively meagre 2% year-on-year revenue growth in the three months to 30 September.
Apple is so much more than just a smartphones business. Helping to keep its existing product lines ahead of the competition, as well as spreading its tentacles into other areas, is Apple´s astounding $16bn annual capital expenditure target.