Apple shares surge, approach $1 tillion market cap

Apple shares surged more than 5 per cent Wednesday in the wake of a strong 2018 fiscal third quarter earnings report, pushing the tech giant`s market capitalization close to a record $1 trillion.

Apple shares were up $10.53, or 5.53 per cent, at $200.82 in late afternoon trading, giving the Cupertino, California-based company a market capitalization, or total stock market value, of around $985 billion, Efe reported.

If the tech giant hits the $1 trillion market cap level, it would be the first corporation to reach the milestone.

After the market closed on Tuesday, Apple reported that it posted earnings per diluted share of $2.34 in its fiscal third quarter, up 40 percent from the same period in 2017.

"We`re thrilled to report Apple`s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth," Apple CEO Tim Cook said in a statement. "Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline."

The tech company, maker of the iPhone, iPad and other devices, said quarterly revenue came in at $53.3 billion, up 17 percent from the same period last year.

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"Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion," Apple CFO Luca Maestri said. "We returned almost $25 billion to investors through our capital return program during the quarter, including $20 billion in share repurchases."