Last week, Apple (Nasdaq: AAPL) became the first US company to cross the $1 trillion valuation. It was a close race to the trillion dollar club. Here is the Bloomberg chart that shows how close the race was between Apple, Amazon, Alphabet, and Microsoft.

Apple’s Financials

Apple’s third-quarter revenues grew 17% over the year to $53.3 billion, in line with the market’s expectations. EPS of $2.34 was significantly better than the market’s expected earnings of $2.16 for the quarter.

By segment, Apple’s iPhone revenues grew 20% over the year to $30 billion driven by the increased adoption of the $999 iPhone X. In terms of volumes, the number of iPhones sold grew a modest 1% over the year to 41.3 million. The average selling prices for iPhones grew 19% to $724 for the quarter.

iPad revenues fell 5% to $4.74 billion despite a 1% growth in the number of units sold. Mac revenues fell 5% to $5.33 billion due to a 13% reduction in units sold. Its services segment grew 31% to $9.5 billion and revenues from other products increased 37% to $3.7 billion.

By region, Apple’s revenues from the Americas grew 20% over the year to $24.5 billion and sales from Europe grew 14% to $12.1 billion. Greater China region grew 19% to $9.6 billion. Revenues from Japan increased 7% to $3.9 billion. Revenues from the rest of Asia Pacific improved 16% to $3.2 billion.

During the quarter, Apple declared a cash dividend of $0.73 cents and repurchased $21 billion in common stock.

For the current quarter, Apple forecast revenues of $60-$62 billion, ahead of the market’s forecast of $59.47 billion.

Apple’s Growth

Apple’s race to the top has been driven by iPhones. But recent research reports reveal that the iPhone may be losing its market standing among smartphones. According to an IDC report published earlier this year, Apple slid to the number three position in global smartphone market share. iPhone’s market share grew from 11.8% a year ago to 12.1% during the second quarter of the current year, but it was no match for Huawei’s growth from 11% to 15.8%. Samsung remained the market leader with 20.9% market share, which was lower than its previous year market share of 22.9%.