In its Q3 earnings report, Apple Inc., stated that its upcoming 10th-anniversary phone lineup is on schedule. The company also said it hit a milestone of 1.2 billion iPhones sold to date.
The news drove the stock up by 6% to an all-time high in after hours trading on Tuesday, August 1st. The stock climbed above its intraday record high to $159.10 after the company reported better-than-expected iPhone sales, revenue, and earnings per share (EPS).
The company forecasts a total revenue of between $49 billion and $52 billion for the current fourth quarter.
“We’ve put everything we know into coming up with the guidance. We really like what we see for the beginning of the back-to-school season,” CEO Tim Cook said.
According to reports, revenue from every product category grew. The iPad product lines also showed unexpected strength, service revenue continues to grow at a steady rate, and the Apple Watch showed a 50% increase in sales. Overall, Q3 revenue rose by 7.2% to $45.4 billion.
The new phones are expected to release in September. According to sources, Apple is likely to introduce three new phones this year – the iPhone 8, and upgrades to the existing iPhone 7 and iPhone 7 Plus. The high-end iPhone version will include an organic light-emitting diode screen, and inadequate OLED supplies.
“There is some relief from the fear of a significant pause before the 10th anniversary iPhone refresh. I’m beginning to think it won’t matter if the new iPhones aren’t that exciting,” said Michael Obuchowski, Chief Investment Officer at Merlin Capital in Boston, which holds Apple stock.
Apple share prices have climbed about 30% in the course of this year.