$1000 iPhone 8 Could Help Apple’s Value Touch $900 Billion Mark

The 10 anniversary iPhone to be launched in 2017 is expected to be big for Apple.

Apple’s market fortunes are dependent on the success of iPhone 8. (Photo Courtesy: Apple)

Apple's expected launch of its $1,000 iPhone this year could raise its market value to $900 billion, making it the first company ever with such a mammoth valuation, according to reports.

Currently, Apple is valued around $800 billion, with Google's parent company, Alphabet, the second most valuable company at $653 billion, followed by Microsoft at $532 billion.

Apple sold 50.8 million iPhones in the first three months of 2017, down one percent year-on-year, according to the company's second quarter results that came earlier in May.

The dip in iPhone sales was offset by services, including Apple Pay, iCloud and the App store, which recorded an 18 per cent increase in sales to $7 billion.

Earlier this month, Apple's market capitalisation briefly soared past $800 billion threshold and shares closed up 2.7 per cent for the day at $153.01 late on 8 May, taking the company to a market value of $797.8 billion.

Due to the robust sales of its iPhone 7 Plus, the revenue from iPhones climbed one per cent to $33.2 billion.