Apple reaches $1 trillion mark, Huawei beats them in sales

The market competition between Apple and Huawei has further intensified. Apple on Thursday became the first publicly traded US corporation to reach a market capitalization of $1 trillion, beating other tech giants, such as Amazon, Alphabet and Microsoft, in the race to reach the glorious milestone.

After closing up nearly 6 percent in the previous trading session, Apple shares climbed another 2.4 per cent on Thursday, hitting $207.05, the price needed to reach a $1 trillion market cap, or total stock market value, at 11.50 a.m, Efe reported.

Apple shares have been on the decline since Tuesday, when the tech giant reported strong 2018 fiscal third-quarter earnings.

The Cupertino, California-based company earned $2.34 per diluted share in its fiscal third quarter, up 40 percent from the same period in 2017.

Apple, maker of the iPhone, iPad and other devices, posted net income of $11.5 billion on quarterly revenue of $53.3 billion, up 17 percent from the same period last year. However, China’s Huawei Technologies overtook Apple Inc (AAPL.O) to become the world’s second-biggest smartphone seller in the June quarter, data from market research firms showed, as it gained ground in Europe and expanded its lead back home as reported by Reuters.

The estimated rise in market share comes as a slowdown in the world’s biggest smartphone market, China, eased. Huawei has also managed to get ahead of rivals by selling more feature-packed phones, analysts said.

“Huawei is shifting to more value-added models, by launching new flagship smartphones with the latest features. Huawei’s P20 Pro is the first flagship smartphone model to be equipped with triple cameras, beating competitors to market,” IHS Markit analyst Gerrit Schneemann said in a note.

Huawei on Tuesday said overall it had raked in 15 percent higher revenue in the first six months of 2018, steady at levels seen a year ago.