The Silicon Valley behemoth Apple Inc. (NASDAQ:AAPL) triumphantly casts an ever-lasting spell in the technology ecosystem. Its competitors have been long known to mirror its efforts, yet couldn’t fathom to dethrone the Cupertino giant. Apple with its both product and services has proved its mettle in the incumbent tech-savvy era leaving its users and rivals spell-bound. Reportedly, even Apple’s frenemy Microsoft thinks highly of the company.
The Redmond giant’s Co-founder Bill Gates called Apple an amazing company.
Gates said, “The top tech companies do have a very strong profit position right now but Apple has most of all.”
Apple’s stock skyrocketed the max in the last 9 years at market open considering its impressive performance in the share market last week. Last week the company’s shares had its best week since 2011 right after billionaire philanthropist Warren Buffett revealed on Friday that his company Berkshire Hathaway has bought 75 million additional shares of the tech giant in the first quarter of this year. Gates has backed Warren Buffets’s decision to raise his stake in Apple, saying it is the most well-positioned tech company when it comes to profit. Bill Gates, a longtime friend of Buffett and also a Berkshire Hathaway board member, said, “I think Warren has applied great thinking there.”
Warren Buffet broke his lifelong aversion to technology when he invested $1 billion in Apple in May 2016. And now the legendary investor owns about 5% of the tech mogul. Apple shares have hit an all-time high after Buffett increased his stake in the company. The Oracle of Ohama has added to the 166 million shares that Berkshire already owned at the end of last year. Buffett said on CNBC’s “squawk box” that he likes Apple stock so much that he’d love to own 100% of it.
What’s more interesting is that despite owning nearly 250 million of Apple’s share, Warren Buffet is yet to fall in love with iPhone.
The iPhone maker’s shares rose by almost 4% to over $183.7 each on Friday. Today it rose to $187.20 per share. Last week, Apple posted its best second fiscal quarter in terms of revenue and profits. The company reported a profit of $13.8 billion in fiscal Q2 2018, clocking a growth of 25% YoY. Its revenue rose by 16% YoY to reach $61.1 billion in fiscal Q2 2018. Apple is leading the race to $1 trillion mark and its value by market capitalization stands at almost $932 Billion.
Apple’s iPhone and Mac have always been touted for minimalistic design and impeccable technology, yet the company doesn’t really live in the glory of past and continues to strive for perfection. The company is also working unceasingly on other lines of its businesses including services unit like Apple Music, App Store and Apple Pay.
Apple has never believed in selling a maximum of its devices but has always aimed for customer acquisition and its loyal userbase directly reflects the fact. If no one then history knows how Apple has become a deft and formidable opponent among the FAMGA group and the overall tech space.
Gates added, “It’s not like a tech speculative company where it’s still losing money or anything.”
Apple is already the most valued company in the world. The latest developments indicate that Apple’s business endeavours will continue to be a head-turner for investors and the competition too.