Apple shares hit a record high as iPhone X orders boost up profits

Apple

Technology giant, Apple, is now worth $868 billion an inch closer to becoming the world’s first company to reach 1 trillion.

Apple has reported a surprising earning and offered a jolly forecast for the holiday shopping season, alleviating investor concerns about production delays on the new iPhone X and demonstrating remarkable strength across its growing line of products and services.

The earth shattering earning report came just as the iPhone X went on sale on Friday morning in Australia. There were long lines that was forming at Apple stores around the world, recalling the consumer frenzy that greeted predecessor version of apple phones, but later faded with more recent launches.

As supplies potentially tight, some Australian purchasers are already planning to sell their phone for as much as $3,000 twice the average $1,579 selling price of the smartphone.

Apple shares was up by 4 percent after trading hours setting a new record as analysts lavish the praise on Apple CEO Tim Cook and speculating on when Apple might become the first public company that would worth a trillion dollars.

Analysts have been eager to see whether Apple can meet the demand for the iPhone X during the crucial earning season quarter, while most say that it will likely take until next year or early spring to cope with the overflowing demands.

Apple said it sold 46.7 million iPhone in the fourth quarter ending in September 30, which was better that the analysts’ estimates of 46.4 million, according to financial data and analytics firm FactSet.

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