Apple Shares Surge to All-Time High as iPhone X Launches

9 years ago

Apple’s shares are surging as Wall Street is growing more bullish on the smartphone maker’s launch of the highly anticipated iPhone X, reads a new report from CNBC.

Demand for the $1300 CAD phone, which opened for pre-orders last week, has been “off the charts,” with a queue of 350 people outside Apple’s store in Sydney, Australia, on Friday morning.

The tech giant forecast fiscal first-quarter revenue of $84 billion-$87 billion, putting it within striking distance of becoming the first trillion dollar public company.

Apple shares opened up 3.5 percent on Friday morning trading to hit an all-time high on the back of the announcement.

“Apple closed FY17 on a solid note then offered healthy guidance for the first quarter of the iPhone X,” Nomura Instinet analyst Jeffrey Kvaal wrote in a note to clients Friday. “Recent supply chain improvements allay concerns of severe supply constraints. We expect consensus to come towards our high end estimates.”

Analysts said Apple was now closer to becoming the first trillion dollar company, as shares rose to give the Cupertino company a market value of about $900 billion USD.

With iPhone 8 and X handsets now on sale, Tim Cook predicted Apple’s “biggest quarter ever” in the three months to the end of the year.

“We couldn’t be more excited as we begin to deliver our vision for the future with this stunning device,” said Cook about the iPhone X.

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