The U.K.’s Royal Bank of Scotland and U.C.L.A.’s Credit Suisse both are vying for Apple’s crown as the most valuable smartphone maker, according to the company’s latest quarterly earnings report.
The two firms both beat analysts’ estimates of $100,000 for Apple, with the banks earning $90 million and $70 million respectively, the Wall Street Journal reported.
The WSJ reported that Royal Bank was the second-most valuable smartphone company behind Apple, while Credit Suse was third, followed by the U.I.S., Samsung and Lenovo.
However, the two U.N. reports did not give Apple’s name as a leader, the WSJ said.
“This is an interesting report for all three,” said Tim Mankiw, a senior economist at the Federal Reserve Bank of New York.
“We expect that they will not be the biggest winners.
The big winner is the bank, which will be able to invest more in its mobile banking services and build more value from the existing business.”
Apple’s iPhone 7 was launched in September at $999.99.
Apple’s revenue jumped 32 percent to $8.8 billion in the fourth quarter of 2018, according the WSJP.
Apple’s revenue rose by 40 percent to an all-time high of $19.3 billion, according Wall Street.