Apple on course for $1 trillion valuation - analysts
Apple shares hit a record-high today after the tech giant reported a strong fourth quarter and shrugged off concerns related to the iPhone X.
This prompted more analysts to put a trillion-dollar valuation on the company.
The stock rose as much as 3.7% to $174.26, briefly breaching $900 billion in market value, amid declines in the broader market.
The gains added nearly $32 billion to the company's market capitalisation.
The Cupertino, California-based company also forecast a strong Christmas quarter ahead, which will include the iPhone X that started selling today.
Analysts said they see iPhone X unlocking pent-up iPhone upgrades, especially in China, driving more than 20% iPhone unit growth and a revenue and earnings beat in 2018.
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, analysts estimated, allaying production worries related to the phone.
Apple said last night it expects 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.
Apple's fourth-quarter results underscored the company's ability to drive growth not just on iPhones, but across its range of products, analysts said.
The company's suite now includes five different iPhone models, the iPad, the Mac and the Apple Watch as well as its fast-growing services.
Apple said it sold 46.7 million iPhones in the fourth quarter ended September 30, above analysts' estimates of 46.4 million, according to financial data and analytics firm FactSet.
Mac and iPad sales too were above the estimates of most analysts.