Apple market value: We may need a bigger chart

SAN FRANSISCO: Apple Inc  Chief Executive Tim Cook quashed concerns recently about muted demand for the iPhone X, saying pre-orders for the 10th-anniversary smartphone were “off the charts,” but it might be the company’s market capitalization that needs a bigger graph.

Positive reviews for the new device and expectations that many users are on the verge of upgrading from older iPhones have sent Apple’s stock to record highs, pushing it closer to becoming the first publicly listed company with a stock market value above $1 trillion.

“Apple is taking the iPhone franchise to a whole new level with the iPhone X, pushing the company deep into the ultra-luxury smartphone market,” Drexel Hamilton analyst Brian White wrote in a note to clients ahead of Apple’s quarterly report on Thursday after the bell.

Ahead of the Nov. 3 release of the redesigned glass and stainless steel device, some analysts have questioned its price tag: At $999 for the base model, it is the most expensive iPhone to date.