Apple Shares Jump on iPhone Sales Projection
- Average selling price of popular smartphone line reaches $724
- Revenue from company’s Other Products surges 37% on wearables
This article is for subscribers only.
Apple Inc. shares jumped 4.3 percent Wednesday after the company projected sales that suggest consumers are still snapping up the company’s high-end iPhones even as updated models are on the horizon.
The Cupertino, California-based technology giant said on Tuesday it expects fiscal fourth-quarter revenue between $60 billion and $62 billion. Analysts were looking for $59.4 billion, according to data compiled by Bloomberg. Fiscal third-quarter results also beat Wall Street expectations. The shares were trading at $198.50 at 9:35 a.m. in New York, a record.