Apple's Asia Suppliers Rise on Forecast of Strong Holiday Sales

Updated on

An iPhone X launch in Hong Kong

Photographer: Justin Chin/Bloomberg

Apple Inc.’s suppliers in Asia, including Hon Hai Precision Industry Co. and Wistron Corp., rose after Apple forecast revenue for the quarter ending in December that topped estimates amid strong demand for its 10th anniversary iPhone.

Hon Hai, the main assembler of the iPhone X, rose as much as 1.8 percent in Taipei trading, while Wistron, another Apple assembler, rose as much as 4.3 percent. Quanta Computer Inc., Pegatron Corp. and Genius Electronic Optical Co. also rose.

The Apple iPhone X.

Photographer: David Paul Morris/Bloomberg

After concerns about production volumes this year, Apple signaled it’s fixing supply problems with the iPhone X and setting itself up for a better-than-expected holiday period. Supported by resurgent iPad and Mac sales, the 10-year anniversary iPhone will help push revenue to a record high of $84 billion to $87 billion in the quarter ending in late December, Apple said in a statement. Analysts had predicted $84 billion, according to data compiled by Bloomberg.

Apple shares rose about 4 percent in late U.S. trading after the earnings report. The Cupertino, California-based company is the most valuable in the world with a market valuation of more than $850 billion.

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(Source: Bloomberg)

— With assistance by Yu-Huay Sun, and Yuan Gao

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