Apple forecast tops estimates on high-end iPhones, services

Iphones are on display at a new Apple Store Liberty, the first Italian flagship store of Apple in Milan, on July 26, 2018. / AFP PHOTO / Piero CRUCIATTI

Apple Inc shares jumped 4% in extended trading after the company projected sales suggesting consumers are continuing to snap up the company’s high-end iPhones even as updated models are on the horizon. 

The Cupertino, California-based technology giant projects fiscal fourth-quarter revenue between US$60bil (RM242.67bil) and US$62bil (RM250.76bil). Analysts were looking for US$59.4bil (RM240.24bil), according to data compiled by Bloomberg. Fiscal third-quarter results also beat Wall Street expectations, sending the shares climbing to US$198 (RM800) in extended trading, a record price if the increase holds through Aug 1.