Services in spotlight after Apple stock market value hits $1.4 trillion

This translation has been automatically generated and has not been verified for accuracy.When Apple Inc posts quarterly results on Tuesday, investors will be looking for fresh evidence the iPhone maker should be treated as a producer of high-margin, subscription services after its stock market value touched $1.4 trillion and its earnings multiple trades at decade highs.

Apple’s market capitalization briefly exceeded $1.4 trillion last Wednesday for the first time, but it has yet to end a session at that level. Some investors worry that Apple’s rally, and surging earnings multiple, may have become overextended. Salesforce.com and Netflix, which rely on recurring revenue, are trading at over 55 times expected earnings. Tech hardware sellers Intel and Cisco Systems are at about 14 times expected earnings.

In the September quarter, Apple said its services revenue hit $12.51 billion, topping analysts expectations of $12.15 billion. Services accounted for 20% of total revenue in that quarter, up from 17% in the same quarter the year before.

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