Profits boost for Apple as iPhone X hits stores
Apple has reported better-than-expected revenue forecasts on the eve of the launch of the highly anticipated iPhone X.
Demand for the £999 new phone, which opened for pre-orders last week, has been "off the charts", with a queue of 350 people outside Apple's store in Sydney, Australia, on Friday morning.
The tech giant forecast fiscal first-quarter revenue of $84bn-$87bn, putting it within striking distance of becoming the first trillion dollar public company.
Apple shares rose 4% in after-hours trading to hit an all-time high on the back of the announcement.
Chief executive Tim Cook said: "We had good success, I would say, through the different iPhones.
"We tried hard to have an iPhone that is as affordable as possible for people that really want an iPhone, but may have a more limited budget."
The company raised concerns of a delay in the iPhone X launch amid rumours of production problems that could limit supply ahead of the busy Christmas shopping period.
But Apple executives shrugged off those fears, with chief financial officer Luca Maestri saying they were "quite happy" with how manufacturing of the iPhone X was progressing.
Apple's market capitalisation of around $868bn already makes it the world's most valuable publicly-traded company.
The company, based in Cupertino, California, sold 46.7 million iPhones in the fourth quarter up to 30 September – exceeding estimates of 46.4 million.
The company's net income rose to $10.71bn, or $2.07 per share.
The iPhone X, which goes on sale around the world on Friday, comes equipped with facial recognition technology, cordless charging and an edge to edge screen built from light-emitting diodes.