when did apple hit $1 trillion

CEO Andy Jassy attributed the "uncertain economy" and rapid hiring in aJanuary memoannouncing its largest round of job cuts ever. Nvidias market capitalization surged past $1 trillion for the first time in the chipmakers history Tuesday, as the Silicon Valley behemoth rides Wall Streets artificial intelligence obsession to new heights. Nvidia Stock Surges After Cosmological Profit Projections (Forbes), Nvidia Nears $1 Trillion Market CapitalizationClosing In On These Other Companies (Forbes), Gamers Are Angry At Stock Market Darling NvidiaHeres Why (Forbes), This is a BETA experience. While other tech stocks have struggled, Apple has soared ahead. Its shares rose more than 4 per cent to hit $406.1 in s $1tn market capitalisation puts it among an elite group of US stocks dominated by big tech companies Jamie Dimon For President? Apple has also faced challenges rooted in rapid price hikes and the Federal Reserve's policy response, which has slowed some areas of the economy and pummeled the stock market. The company even managed to post solid fiscal second-quarter earnings that beat market expectations, with strong iPhone sales supporting revenues. Venture capital is money, technical, or managerial expertise provided by investors to startup firms with long-term growth potential. The results bode well for Big Tech companies, which have shifted focus to AI on hopes the technology would help attract demand at a time their profit engines of digital advertising and cloud computing are under pressure from a weak economy. The highest price target valued it at about $1.6 trillion, on par with Google-parent Alphabet. The stock has been rising since Tuesday when it reported better than expected results for the three months to June. It took Apple 42 years to reach $1 trillion in value. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Similarly, when users make purchases of physical goods and services through apps, like paying for a ride on a ride-hailing app or buying groceries online, Apple does not receive any commission. That makes them more affordable for smaller investors to pick up. Its a historic datapoint further cementing the the company that ushered in the personal computer revolution and illustrating its continued strength under Tim Cook, who took the reins after the passing of hands-on company cofounder Steve Jobs in 2011. Apple is on the cusp of another milestone. Apple has so far avoided mass layoffs, unlike its high-profile Big Tech peers. The idea is to buy low and sell high, and the price was low as recently as March, he said. Overall, Apple paid a whopping $60 billion to iOS developers in 2022 alone. The gains in Nvidia's shares have boosted the fortune of cofounder and CEO Jensen Huang by 160% this year so far, according to the Bloomberg Billionaires Index. This shift in consumer behaviour resulted in a remarkable 67% growth from 2019 to 2020 and a 74% growth from 2020 to 2021. "They get hit hard." The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Wall Street loved it. They wanted to buy collectible coins in platinum, but the only ones available cost $600 beyond the reach of many numismatists. But it was also hit by a chip shortage that delayed the manufacture and release of notable products in its portfolio. The personal savings rate fell to 2.3% in October, the lowest rate in nearly two decades, according to data from the Commerce Department. Out of the astounding $1.1 trillion in billings and sales generated by iOS app developers within the App Store ecosystem, lets break down the figures to understand the At its peak, inflation reached 9.1% in June, a level last seen more than four decades ago. While the company's flagship product, the iPhone, remains a money-spinner, Apple's Services increasingly account for a major chunk of its profits. Between 2020 and 2021, there was a 19% YoY growth in digital sales and billing, which further declined to just 2% YoY between 2021 and 2022. It emphasizes the tremendous opportunities available to developers and other entities, with a significant portion of the thriving ecosystems revenue flowing directly to them. "Apple has huge operations in China," Zandi said. However, there are several other avenues where the Cupertino giant does not take a cut. It has also been dismissed by Fed chair Jay Powell. PetroChina was briefly worth about $1.1 trillion after floating in Shanghai in 2007, although most of its shares were held by the Chinese government. In 2021, the food delivery and pickup category experienced a significant milestone by temporarily surpassing the travel sector in terms of sales within the App Store ecosystem. According to reports, In August 2018, Apple became the first American company ever to be worth $1 trillion, an achievement that took 42 years. It surged past $2 trillion two years later. Its next trillion took just 16 months and 15 days. Such a valuation would have been unfathomable a few years ago. Apples stock has been on a tear since 2019, more than tripling from its $150 price in January of that year, driven by anticipation for upgrades to 5G devices and strong demand for the iPhone 11. This plateauing effect signifies a transition towards a new normal, where sustained higher levels of digital billings and sales became the prevailing trend. Apple has also wielded another powerful tool to boost its valuation and enrich its investors and executives: stock buybacks. Even more stunning: All of Apples second $1 Whats remarkable about Apple is not so much its stock price as the amount of money that it makes, said Chris Brightman, chief investment officer of Research Affiliates, an institutional investor with more than $200billion under management. Apples $1trillion cap is equal to about 5percent of the total gross domestic product of the United States in 2018, said David Kass, professor of finance at the University of Maryland. According to analysts, Apple still has room to grow. 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Nvidia is now the sixth public company in the world valued at over $1 trillion, joining Apple, Saudi Aramco, Microsoft, Alphabet and Amazon; the only other companies Shares of Apple were up about 1% in premarket trading Monday to around $181.75. Updated Apple became the USs first $2 trillion company on Tuesday almost two years to the day after it became the first company in the world to reach the $1 trillion mark. As time progresses, the share of billings and sales that accrue solely to iOS developers and other third parties continues to rise year after year. Its become the new flight to safety, Aswath Damodaran, a New York University finance professor who studies the stock market, said of investors flocking to Big Tech. Apple is the second publicly traded company to hit $2 trillion. Apple hit $1 trillion in market capitalization in 2018 and took two years to double that valuation. I guess you wouldnt have put your money on Apple being the winner prior to the iPhone., Apple became the first publicly traded company to be valued at $1 trillion on Aug. 2. On the horizon, the company has growth opportunities around 5G, health and wellness, and augmented reality. Of the total $1,123 billion, about $104 billion, or 9%, originated from billings and sales of digital goods and services consumed on iOS apps . Nvidia rose as much as 7.7% to $419.38 on Tuesday, giving it a market cap of $1.036 trillion and making it the first chipmaker to touch a $1 trillion market Individual shares are trading in the mid-$400s, so for instance a unit worth $440 would be split into four shares of $110. Find out more, FTSE leads global market surge amid renewed hopes for US economy - latest updates. Amazon is the poster child there. Nvidia Corp. s market valuation fleetingly crossed the $1 trillion threshold on Tuesday after the chipmakers artificial intelligence prospects Booming demand for its AI chips has landed Nvidia a prime spot in one of the most exclusive clubs on Wall Street: The chipmaker hit a market cap of $1 trillion on Tuesday. It is indeed surprising and notable that more than 90% of the colossal $1.1 trillion in billings and sales facilitated by the App Store ecosystem was generated outside of the App Store. Apple has also grown despite its size by extracting more money from the companies that run businesses on iPhone apps, drawing accusations that its 30 percent cut of some app revenues is unfair. Tim Cook, Apples chief executive, announcing the iPhone 11 in 2019. the pandemic has been a bonanza for the tech giants. In the companys most recent earnings call, Mr. Cook said, We do not have a zero-sum approach to prosperity. He added, We are focused on growing the pie, making sure our success isnt just our success and that everything we make, build or do is geared toward creating opportunities for others.. It may have been the vision of Steve Jobs that hurtled Apple towards this milestone, but it was the business acumen of Tim Cook that tipped them over. New rules under consideration would restrict the flow of U.S. investments and know-how into Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing, a U.S. Treasury official said on Wednesday. There was a noticeable resurgence in the travel and ride-hailing sectors in 2021. Apple beat Silicon Valley rivals such as Amazon and Microsoft to become the first to hit the $1 trillion valuation. Not only is the Nasdaq outperforming again but, also, the S&P 500 would be in negative territory were it not for#Nvidia," Mohamed El-Erian, a top economist and Allianz advisorsaid in a tweet last Thursday when the S&P500 settled nearly 1% higher. Alphabet, Amazon, Apple, Microsoft, and Nvidia are big winners this year. Nvidia briefly joined Apple, Amazon, Microsoft, and Alphabet in the $1 trillion club. Stock analysis is the evaluation of a particular trading instrument, an investment sector, or the market as a whole. [1/2] The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. The chip company Nvidia hit a $1 trillion market cap, powered by A.I. On March 23, the stock markets nadir this year, the Federal Reserve announced aggressive new measures to calm investors. On Wednesday, Apple became the first U.S. company to hit a $2 trillion valuation when its shares climbed 1.4 percent to $468.65 in midday trading, though they later declined and ended the day flat. The company could see nearly $60 billion in profits this year, over four times that of Walmart, one analyst said. The sun is reflected on Apple's Fifth Avenue store in New York City on June 16, 2020. Mark Lennihan / AP file Apple just crossed the $2 trillion market capitalization mark, becoming only the second company ever to do so. You have entered an incorrect email address! As recently as mid-March, Apples value was under $1 trillion after the stock market plunged over fears of the coronavirus. Aug 19, 2020, 9:12 AM PDT Kuni/AP Apple became a $2 trillion company on Wednesday. Today, iPhone and iPad users enjoy access to a staggering 123x more apps compared to the end of 2008, taking their app experience to stratospheric heights. Our products and services are very relevant to our customers lives and, in some cases, even more during the pandemic than ever before, Luca Maestri, Apples finance chief, said in an interview last month. Aug. 19, 2020. USD. It pays dividends to tens of millions of investors who own Apple stock directly or indirectly, from pension funds to individuals. But financial experts say that individual investors should beware of getting burned on the Apple hype. It has transformed the way we live. demand. Therefore, the stock's gains have mirrored those of the broader market during a time of economic and technological change. Even as it led the charge in technological change, Apple has itself changed with times. CEO Jensen Huang said $1 trillion worth of current equipment in data centers would have to be replaced with AI chips, as generative AI is applied into every product and service. Apple Inc. ( AAPL) briefly became the worlds first $3 trillion company on Jan. 3, 2022. Out of the astounding $1.1 trillion in billings and sales generated by iOS app developers within the App Store ecosystem, lets break down the figures to understand the distribution. The manufacturing behemoth's "zero-COVID" policy has triggered intermittent shutdowns, forcing factories to close and production to halt. The rosy earnings also sparked a rally in the chip sector and for AI-focused firms, lifting stock markets from Japan to Europe. "You're talking about $1 trillion wiped out from the economy in one stock it's a big number and it isn't something that should be ignored," Angelo Zino, senior industry analyst at CFRA Research, told ABC News. Amazon Hit With $5.8 Million Fine Over Claims Ring Doorbell Spied On Customers, Feds Sue Ex-Billionaire W.Va. Apple beat Silicon Valley rivals such as Amazon and Microsoft to become the first to hit the $1 trillion valuation. The iPhone is less important to their business than three years ago. The idea of a $1 trillion coin first emerged in 2010, ahead of two debt ceiling crises under Barack Obama in 2011 and 2013. We also reference original research from other reputable publishers where appropriate. With a remarkable $66 billion in sales, it became the second-largest category, surpassing travel, which recorded $56 billion in sales during that year. This takes Amazon's market cap to $1.25 trillion up from $857 billion at the end of 2022. For comparison, the same $10,000 invested in a Standard & Poors 500-stock index fund would now be worth $2million. Last week, Apples power over its App Store was in the spotlight when it booted the popular game Fortnite from its store. To dial back the rising costs, the Federal Reserve has undertaken an aggressive set of interest rate hikes. Venture Capital: What Is VC and How Does It Work? Why Apple is worth $1 trillion. Credits Ritholtzs Josh Brown on why he sold 25% of his Nvidia stake. The idea of a $1 trillion coin first emerged in 2010, ahead of two debt ceiling crises under Barack Obama in 2011 and 2013. Based on a share count of more than 4.275 billion, Apple broke the barrier just before 11 am ET, when its price rose to $467.77. Read about our approach to external linking. The company doubled it's evaluation in just two years to reach this historic milestone. Executives and some economists said returning excess cash to shareholders was better than sitting on it. They revolutionized communications, he said. Their ability to dictate terms, call the shots, upend entire sectors and inspire fear represent the powers of a private government, he said. Apples market value first crossed the $1 trillion threshold in August 2018 and What Is the Dow Jones Industrial Average (DJIA)? Apple is among the most widely held stocks in the world. May 25 (Reuters) - Nvidia Corp (NVDA.O) surged 24% on Thursday in one of the largest one-day gains in value for a U.S. stock, after its stellar revenue forecast showed that Wall Street has yet to price in the game-changing potential of AI. Meanwhile, ride-hailing services experienced a significant 45% YoY growth. When users make app purchases, in-app purchases, or subscribe to services through in-app subscriptions, Apple collects a commission. Their outsize influence has attracted intense scrutiny over the past year, including a bipartisan grilling of four of the companies chief executives in Congress last month. In theory, this would be another way to stop the US Government from running out of money, which Treasury Secretary Janet Yellen has warned it will do as early as June 1. See here for a complete list of exchanges and delays. -0.80. That year saw Apples market value climb from $72billion to $173billion. Investopedia requires writers to use primary sources to support their work. Some analysts said Nvidia's results show that the generative AI boom could be the next big driver of growth. In early 2022, Apple became the first company to hit a market capitalization of $3 trillion. "In the 15+ years we have been doing this job, we have never seen a guide like the one Nvidia just put up with the second-quarter outlook that was by all accounts cosmological, and which annihilated expectations," Stacy Rasgon of Bernstein said. Creating a $1 trillion coin would effectively be money printing on a massive scale, said Philip Shaw, chief economist at Investec. The mean price target has more than doubled this year. The Silicon Valley companys business has been only further entrenched by the pandemic, which has forced people to work, learn and socialize virtually. This compensation may impact how and where listings appear. Particularly, shares of the company rose 25% last Thursday. But most of the gains are from a quintet of stocks that have surged massively this year. Its iPhone is ubiquitous. The highest price target valued it at about $1.6 trillion, on par with Google-parent Alphabet. The rise of certain short-video apps, retail giants like Amazon, and the popularity of podcasts played a significant role in driving the overall increase in ad spend. Back in the 1990s, coin collectors were disgruntled. "People were home buying computers, playing with gadgets and consumer electronics all the things that Apple sells," Mark Zandi, chief economist at Moody's Analytics, told ABC News. 3 min read. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Our Standards: The Thomson Reuters Trust Principles. Apple wants to make our stock more accessible to a broader base of investors, said Luca Maestri, the companys chief financial officer, during a recent earnings call. The company could see nearly $60 billion in profits this year, over four times that of Walmart, one analyst said. Investopedia does not include all offers available in the marketplace. The tech company is the first to ever be worth that much, and the achievement comes a little over three years after it hit the $1 trillion mark in August 2018. It took it just two more years to get to $2 trillion. Why Apple lost nearly $1 trillion in value in 2022 and what it says about the state of the U.S. economy. 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The firm, which makes the chips powering generative AI computing in addition to a variety of software and hardware products, said last week it anticipates profits to be twice as high as expected during the current quarter thanks to AI-related sales. 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Nvidia rose as much as 7.7% to $419.38 on Tuesday, giving it a market cap of $1.036 trillion and making it the first chipmaker to touch a $1 trillion market capitalization. This was after cutting 10,000 employees in 2022. TheS&P 500 indexis on a tear, rising nearly 10% so far this year in stark contrast to a 13% decline over the same period last year. Berkshire Hathaway is a holding company for a multitude of businesses run by chair and CEO Warren Buffett. Apple became the world's first $3 trillion company for a brief time during intraday trading on Jan. 3, 2022. Why Apple is worth $1 trillion. This takes Apple's market value to $2.8 trillion as of Tuesday from $2.07 trillion at the end of 2022. In the United States, it trails only trillion-dollar-value companies Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O). Apple marked a grim milestone this week, falling about $1 trillion below a peak reached in 2022. It hit a $2 trillion valuation just over two years Saudi Arabia's state-owned Saudi Aramco, the worlds largest producer of oil, did so during its December "We're really just seeing the tip of the iceberg. Here's what that It offers a possible loophole through which the US Government could solve the debt ceiling standoff. There is also a major inflationary risk. Consumer spending proved resilient for much of the year due in part to savings from the pandemic, but the cushion appears to have dwindled in recent months. The iPhone maker's market value reached the figure in New York on Thursday and its shares closed at a new record high of $207.39. That change in taste has punished the bottom line of Apple and many tech firms, Zandi said. At the height of the pandemic, hundreds of millions across the globe facing lockdowns replaced restaurant expenditures with couches, exercise bikes and tech products. Investors have poured billions of dollars into the tech behemoths, betting that their immense size and power would serve as refuges from the pandemic-induced recession. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The stocks dramatic rally year-to-date headlines a strong return for other mega-cap tech stocks, with each of Apple, Amazon, Microsoft, Meta and Tesla up 25% or more in 2023. To be updated with all the latest news, offers and special announcements. Nvidia rose as much as 7.7% to $419.38 on Tuesday, giving it a market cap of $1.036 trillion and making it the first chipmaker to touch a $1 trillion market capitalization. Sign up for notifications from Insider! The company, founded in 1976 by Steve Jobs and Steve Wozniak, churned out world-changing products like the Macintosh computer, the iPod, the App Store and the iPhone. That puts this company in perspective.. Nvidias cofounder and CEO Jensen Huang is worth an estimated $36 billion, making him the 34th-richest person in the world. Amazon.com, Google parent Alphabet and Microsoft have all watched their fortunes rise and investors have watched closely to see which would hit $1trillion first. Customers are using Apples cloud services not just to upload family photos but also to upload work documents and media. The growth of in-app advertising on iOS apps exhibited an accelerated pace in 2022 (up +24% YoY) compared to the previous year (+10% YoY), driven by the exceptional performance of social media, podcasts, and general retail apps. India has seen a digital boom in the last five years, especially after Covid-19 Pandemic. Apple came of age at such a speed that it surpassed a giant like ExxonMobil, which is still a very profitable oil company. Huang was the worlds 76th-richest person just two months ago, when he held a $21.1 billion fortune. It was only later that Washington insiders realised the implications of the law. Its a combination of iPhone, services, Mac, iPad, educational customers and working from home.. In particular, AI boosted sales at its cloud computing businesses over the period, the company disclosed. The surge in general retail sales within the iOS app ecosystem is partly attributed to the growing share of iOS device usage in China. This means the rest of the 495 companies in the S&P 500 contributed to just 4%, or $110 billion in the index's gain, per Fortune. The extraordinary figure underscores the significant revenue streams generated by activities that bypass the App Store. Video, 00:01:30 Why The Apple App Store has served as the largest and most diverse platform for iOS applications worldwide for the last 15 years. The stock needs to hit $182.85 for Apple (AAPL) to surpass the $3 trillion mark. "The state of the consumer is extremely important for a company like Apple," said Zino, adding that the company could withstand a potential drop in consumer spending because products like the iPhone are treated by many as necessities. When you cross the milestone first, its a signal of leadership, said Gene Munster, Loup Ventures founder and former top tech stock analyst. It took it just two more years to get to $2 trillion. "Apple Becomes First US Company to Reach $3 Trillion Value. The podcast Acquired did a two-part series on the history of Nvidia. Before joining The Times, he spent seven years at The Wall Street Journal covering technology, aviation and national news. The offers that appear in this table are from partnerships from which Investopedia receives compensation. The idea is flawed. But no matter what your view of the company and its products, Apple devices have changed the world - and today made financial history as well. Reuters: The tech company's stock jumped 2.8 percent, bringing its gain That number would make even the richest billionaires gasp for air! Apple would have made billions of dollars more without it, he said. Apple became the first publicly traded company to be valued at $1 trillion on Aug. 2. ), Someones got to cross that [$1trillion] line first, financial historian Niall Ferguson said. These are the actual shares outstanding able to trade, even though some may be held by insiders, interlocks or others, Silverblatt said. Increasingly, customers are reliant on a blend of interconnected Apple services such as iCloud, Photos, Music, and the App Store, which has shifted focus from fixed prices for apps with in-app purchases to recurring subscription models. Apple has become the world's first public company to be worth $1 trillion (767bn). Apple closed Thursday above the $1trillion mark, finishing the day up 2.92percent at a share price of $207.39. Apple Becomes First U.S. Company to Hit $1 Trillion Value. Bloombergs Mark Gurman examines the companys path to $1 trillion. This was after the tech giant managed to turn in solid earnings afterslashing 6% of its workforcein January. "Since the pandemic has been winding down, people have been shifting spending away from consumer electronics to travel, restaurants and ball games," he said. Even more stunning: All of Apples second $1 trillion came in the past 21 weeks, while the global economy shrank faster than ever before in the coronavirus pandemic. Stock analysts attempt to determine the future activity of an instrument, sector, or market. Collectively, the five companies have raised their market cap by about $2.9 trillion in 2023 contributing 96% of the almost $3 trillion gains in the S&P 500's market value this year, Fortune reported on Wednesday. Jack Nicas covers technology from San Francisco. The e-commerce giant closed out 2022 at $84 apiece, but its share price is now trading at 45% higher at about $122 apiece. Apple hit a market cap of $3 trillion briefly during trading on Monday. The milestone is mostly symbolic but it represents investor recognition of Apples success over the past few years as the company has reported several record-breaking quarters of big growth in all of its product lines. Shares of Nvidia rose 4% in early trading, representing a one-day gain of $40 billion and pushing the chipmaker's market value to a hair over $1 trillion. Joining the $1 trillion club follows a dramatic rise thus far in 2023, with Nvidia's stock up more than 175% as Wall Street analysts say the Palo Alto-based company could be the firm best-positioned to profit off of the AI boom. The S&P 500 index is on a tear, rising nearly 10% this year. Companies that are rich, flexible and digital are benefiting in the pandemic and that describes the tech Goliaths, he said, adding, This crisis has strengthened what was already a strong hand.. These platforms captured the attention of advertisers and provided effective channels for reaching their target audiences. Apples valuation alone rose by about $6.8 billion a day, more than the value of American Airlines. Over the first three months of 2021, for instance, Apple's profits more than doubled compared to the same period a year prior. Before we jump into some other mind-boggling statistics on the surge in downloads and revenues from iOS apps by category in 2022, it is important to understand Apples share of the monumental $1 trillion in billings and sales generated within the App Store ecosystem. Apple is the first U.S. company to hit that value, a staggering ascent that began in the pandemic. The world 's first $ 3 trillion company on Jan. 3, 2022 company... ( DJIA ) $ 1trillion mark, finishing the day up 2.92percent at a share price $. Interest rate hikes 600 beyond the reach of many numismatists to determine the future activity of instrument. Sun is reflected on Apple 's market cap to $ 2.8 trillion as of from. Also hit by a chip shortage that delayed the manufacture and release of notable products in its portfolio &... Taipei, Taiwan May 30, 2017 shares of the company disclosed its. Boost its valuation and enrich its investors and executives: stock buybacks % this year over... And historical market data and insights from worldwide sources and experts took two years later YoY growth trillion! To surpass the $ 1trillion mark, finishing the day up 2.92percent at a share price of 3... But financial experts say that individual investors should beware of getting burned on the Apple hype to... Doubled this year so far avoided mass layoffs, unlike its high-profile big peers... Inc. ( AAPL ) briefly became the first publicly traded company to be $! A financial juggernaut Someones got to cross that [ $ 1trillion mark finishing! Path to $ 2.8 trillion as of Tuesday from $ 72billion to $ 2 trillion company on Jan.,! Broader market during a time of economic and technological change was better than expected results the!: stock buybacks uncover hidden risks in business relationships and human networks stock markets from Japan to.! 10 % this year, over four times that of Walmart, one analyst said is reflected on 's. Could be the next big driver of growth dismissed by Fed chair Powell! More, FTSE leads global market surge amid renewed hopes for US economy - latest updates it pays dividends tens! Operations in China, '' Zandi said 's market cap, powered A.I! Or managerial expertise provided by investors to pick up took two years to reach $ 1 trillion coin would be! Reported better than expected results for the tech giant managed to turn in solid earnings afterslashing %. 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