Yesterday Techcrunch staff opined that Apple (NASDAQ:AAPL), which has sailed past competitors such as Microsoft (NASDAQ:MSFT) in terms of market capitalization and share price in recent years, could soar as high a $400 billion market cap, and eventually pass Exxon-Mobil (NYSE:XOM) to become the world’s most valuable company. The Cupertin0, CA based company, which is expected to report its third quarter earnings after the closing bell this afternoon, may record one of its most profitable quarters yet, as sales of iPad tablets have surged well beyond expectations in the current quarter, according to Bloomberg.
Don’t Miss: Apple, Inc. Third Quarter Earnings Sneak Peek.
The company sold 7.7 million tablets last quarter, up from sales of 7.3 million in the previous quarter, as it continues to hold a wide lead in market share over main competitors Samsung (NYSE:SEO), Research in Motion (NASDAQ:RIMM) and others. Apple’s revenues are projected to spike a massive 82.7% from the same quarter last year, exceeding $23 billion this year according to internal projections. Analysts are hinting that these numbers may be conservative, with many expecting Apple to shatter consensus EPS and revenues targets.
For the second half of the year don’t expect any sort of a lull from the tech leader, as rumors point towards a release of a new iPhone (maybe two) and possibly an HD tablet by the holiday season. In addition to Apple’s strength in tablets and smart phones, the company has also gained significant share of the PC market, overtaking Acer and Toshiba to rank as number three overall in volume of personal computer sales.
If Apple continues a trend set by early earnings reporters Google (NASDAQ:GOOG) and JP Morgan (NYSE:JPM) and smashes analyst targets, it could serve as a boon for very strong investment in the stock over the third quarter, and help the company’s market cap continue its march towards the $400 billion dollar market cap. Still trading at a P/E of just 17.88, the company is a sole case study as a counterargument to recent talk of a blooming new tech bubble. AAPL stock is up .43% today, trading at $375.56, up over 52% in the past twelve months.