Following strong fiscal Q4 earnings and guidance for a record-breaking holiday quarter, AAPL shares have hit an all-time record high of $173.25 in pre-market trading (at the time of writing), up 3% on yesterday’s close of $168.11.
The current share price values the company at around $900B, taking it a significant step closer to becoming the first ever trillion-dollar company …
The graph shows a temporary sharp drop when the price hit $174, possibly caused by automatic sales programmed for profit-taking at that price. The stock quickly rebounded.
Apple’s Q4 (calendar Q3) earnings exceeded analyst expectations, suggesting that the iPhone 8 has proven more popular than expected despite those waiting for the iPhone X, and the company gave extremely strong guidance for the holiday quarter, predicting record-breaking sales.
The good news didn’t end with iPhones, sales of Macs, iPads, other products and services all showing substantial growth. Investors may also be encouraged by Republican tax proposals which would make it cheaper for Apple to repatriate its overseas cash.
Apple has forecast sales in the $84-87B range, against analyst expectations of $85B. This suggests confidence in both demand for the iPhone X, and ability to boost supplies. Given that Tim Cook was unable to say when supply might balance demand, it also points to a likely strong follow-up quarter in the new year.
The Street reports that ripple effects from Apple’s results could contribute to the Dow hitting a record high.
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