Apple shares hit record high, tops $900 billion for 1st time ahead of iPhone X sales

Apple shares hit record high, tops $900 billion for 1st time ahead of iPhone X sales
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San Francisco: The stock market value of technology giant Apple topped $900 billion for the first time in its history following the latest upbeat results coinciding with the arrival of the iPhone X.

In the first minutes after the opening of the stock market on Wall Street, Apple shares spiked more than 3 per cent, taking the California company above $900 billion in stock market value for the very first time.

Almost two hours after the opening bell, the tech giant’s shares on the Nasdaq had risen 2.44 per cent to reach $172.21 per share, Efe reported.

This new Apple landmark comes a day after analysts were surprised by the Silicon Valley firm’s financial results and on the same day it has begun to sell the iPhone X, the latest version of its star product line.

The company of the apple missing a bite announced this Thursday that it closed its 2017 fiscal year with annual profits above $48 billion, while sales took in some $230 billion.

Apple’s new smartphone, celebrating the iPhone’s tenth anniversary, is the tech giant’s biggest asset for the upcoming holiday season, a period of usually good news for sales of the company, Efe news reported.

The company expects revenues for the first quarter of its 2018 fiscal year to reach between $84 billion and $87 billion, an estimate that, if fulfilled, would exceed the $78.3 billion registered in the same quarter of 2017.

“We’re happy to report a very strong finish to a great fiscal 2017,” Apple CEO Tim Cook was quoted as saying.

The Apple CEO also expressed confidence in the imminent launch of the iPhone X, saying “we could not be more excited as we begin to deliver our vision for the future with this stunning device.”

The company’s revenues in the last twelve months grew by 6.3 per cent to $229 billion, compared to $215 billion registered in 2016.

In addition, Apple’s operating profit in the last twelve months was $61.3 billion, slightly more than the $60 billion recorded in 2016.

IPhone fans in Australia and Japan had to wait in long lines in front of Apple stores to get their hands on the much anticipated device, the agency reported.

Due to the high demand and its complicated manufacturing process, which caused delays in its production, delivery of the new iPhone X could be delayed until December in some countries.

Apple has its hopes for the immediate future placed squarely on the iPhone X, and for the first quarter of fiscal 2018, which includes the season of Christmas gifts, forecasts revenues of between $84 billion and $87 billion.

IANS inputs