Apple could become the world’s first trillion-dollar company if the technology giant reports better-than-expected financial results tonight.
The iPhone maker’s market capitalisation is currently just under $950 billion, meaning it would need stock prices to rise about 7 per cent to pass the trillion-dollar mark.
Though it is rare for Apple shares to climb that much in a single day, it is not unprecedented - in July 2016 its stock rose by 6.5 per cent in a day after financial results beat analysts’ expectations.
However, several other technology firms have seen their share price drop in the wake of recent financial results - most notably Twitter and Facebook last week after both reported slowing user growth.
A key area for Apple in its results will be iPhone sales - the company’s flagship device.
Analysts are predicting iPhone sales to be up slightly on last year, but revenue to rise further thanks to the higher price of the iPhone X, which Apple said, when announcing its last set of results, was its best-selling phone.
The company’s services business - which includes the App Store and Apple Music streaming service - has also been a good performer in recent quarters and another strong performance in the latest results could also help drive growth.
In addition, the technology giant will give guidance on expected performance for the next three months, including the crucial month of September when the company is expected to unveil the next version of the iPhone - where as many as three new handsets could be revealed.