Apple Soars to Record After Signaling Resilient iPhone Demand
- Company sold more handsets than a year ago ahead of new models
- Revenue forecast for current quarter topped analysts estimates
Apple's Resilient iPhone Demand Boosts Revenue Forecast
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Apple Inc. soared to a record after giving a revenue forecast that highlighted resilient demand for the iPhone ahead of the launch 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 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.