Apple shares at record high on better than expected iPhone sales

Apple

Apple Inc on Tuesday delivered surprisingly strong third-quarter earnings and signalled that its upcoming 10th-anniversary phone lineup is on schedule, driving the stock up 6 per cent to an all-time high in after-hours trading.

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. The stock price move was expected to help drive the Dow Jones Industrial Average over the 22,000 mark on Wednesday.

Apple also said it hit a milestone of 1.2 billion iPhones sold.

The April-June quarter is traditionally a soft one for Apple as the market waits for the September launch of new iPhone models. But Tuesday’s results show that iPhone buyers may be less inclined than they once were to delay purchases until a new model is out.

The iPad product lines also showed unexpected strength, service revenue continues to grow at a healthy clip, and even the much-maligned Apple Watch showed a 50 per cent sales increase.

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