Apple sees strong holiday sales, smooth sailing for iPhone X
Apple Inc. on Thursday (Nov. 2) reported better-than-expected earnings and offered a rosy forecast for the holiday shopping season, allaying investor concerns about production delays on the new iPhone X and demonstrating remarkable strength across its growing line of products and services.
The stellar earnings report came just as the iPhone X went on sale Friday morning in Australia. Long lines were forming at Apple stores around the world, recalling the consumer frenzy that greeted early versions of the iPhone, but had faded with more recent launches.
Apple shares rose 4 percent in after-hours trading to hit an all-time high, with analysts lavishing praise on Apple CEO Tim Cook and speculating on when Apple might become the first public company worth a trillion dollars.
The earnings demonstrate how Apple is able to drive growth across an ever-expanding product line that now includes five different iPhone models along with the iPad, the Mac, the Apple Watch and a suite of fast-growing services offerings.
Apple forecast fiscal first-quarter revenue of $84 billion to $87 billion, at the high end of analysts’ average expectations of $84.18 billion, according to Thomson Reuters I/B/E/S.
The Cupertino, California-based company’s market capitalization of about $868 billion already makes it the world’s most valuable publicly-traded company.