In after-hours trading, shares in the Silicon Valley giant – Apple Inc. – went up after the news, which added $40 billion to the current value of the most valuable company of the world. What was the news, you ask? The news was that the iPhone maker has sold over 41 million in the last quarter.
Shares of Apple Inc. reach record high
The shares of the iPhone making company went up close to 6% in after-hours trading after the news about the iPhone sale spread. This added $40 billion to the current value of the tech giant. On Tuesday afternoon, the shares of the iPhone making giant soared to an all-time high after the iPhone making giant announced that it had sold over 41 million iPhones in the last three months.
The Cupertino-based iPhone maker appeared to scotch rumors as well that the upcoming smartphone – the iPhone 8 – has been delayed. The smartphone will mark the 10th anniversary of the original model and the smartphone maker would never want to lose its customers over delayed release of iPhone 8. The profits of the Cupertino-based smartphone maker were up by 11.9%, to $8.72 billion.
This news about the iPhone 8 was sufficient to send the shares of the Silicon Valley giant close to about 6% in after-hours trading to over $159 a share. This added close to $40 billion to the value of the company.
iPhone 8 could release in September
The iPhone making giant is expected to release its next smartphone in the coming September. According to the analysts, the iPhone making company is expected to ship 40 million to 41 million iPhones in the three months that are ending on 30 June.
Apple expects revenues between $49bn and $52bn for the final quarter of the year, when the new iPhone is expected to be released, according to the latest quarterly earnings report. That figure beat previous forecasts, notes Britain-based news site The Guardian.
The iPhone 8 could come with a version that may cost more than $1,000 and the smartphone is expected to incorporate infrared-based facial recognition unlocking and an all-screen design on the front. This would remove the requirement of any passcode or fingerprint. Tim Cook, Apple’s chief executive officer, said “With revenue up 7% year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for services revenue.” In a call to analysts, the CEO said, “Today we are proud to announce very strong results.”