Apple Soars to Record After Signaling Resilient IPhone Demand
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Apple soared to a record after giving a revenue forecast that highlighted resilient demand for the iPhone ahead of the introduction of its new models and the growing significance of the company’s supporting businesses.
New iPhones typically go on sale in mid- to late September, which produces a few weeks of revenue that are included in the company’s fiscal fourth-quarter results. Some analysts had reduced their estimates on concern that the new high-end iPhone may be delayed, but Apple’s projections on Tuesday — and increasing sales of other products and services — calmed those fears.
Revenue will be $49 billion to $52 billion in the three months through September, the Cupertino, California-based company said in a statement. Analysts had predicted $49.1 billion.
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