NEW YORK: Apple Inc’s shares hit a record-high on Friday after the tech giant reported a blowout fourth quarter and shrugged off concerns related to the iPhone X, prompting more analysts to put a trillion-dollar valuation on the company.
The stock rose as much as 3.7 per cent to $174.26, briefly breaching $900 billion in market value, amid declines in the broader market. The gains added nearly $32bn to the company’s market capitalization.
The Cupertino, California-based company also forecast a strong holiday quarter ahead, which will include the iPhone X that started selling on Nov 3.
The glass-and-steel $999 phone appeared to have brought back the frenzy associated with iPhone launches – long lines formed outside Apple stores in Asia as fans flocked to buy the new phone.
The company will make 30 million iPhone X units during the current quarter, Nomura Instinet analysts estimated, allaying production worries related to the phone.
Apple said on Thursday it expects first-quarter revenue of $84bn to $87bn, at the high end of analysts’ average expectations of $84.18bn.
At least 13 brokerages raised their price targets on the stock, with Citigroup making the most bullish move by raising its price target by $30 to $200.
