Apple hits a record high after crushing earnings (AAPL)

pulse

August 2, 2017 2:06 PM

Apple's stock is getting a boost from the strong earnings report it released after its third quarter.

FILE PHOTO: Apple CEO Tim Cook attends the China Development Forum in Beijing

Apple's third-quarter earnings results have shares trading at a record high ahead of Wednesday's opening bell, up 6.42% to about $159.69.

Apple beat earnings and revenue estimates for the quarter. The company earned $1.67 a share on revenue of $45.4 billion. Those numbers are ahead of the $1.57 and $44.95 billion that Wall Street was expecting.

An increase in revenue came mostly because of stronger than expected iPad and Mac sales. Apple sold 14% more iPads than the same time last year, breaking a 13-quarter streak of declining sales. Apple sold 4.29 million Macs.

Investors were looking to see if Apple would offer any hints at the release date of its new iPhone, and according to the company's fourth quarter revenue guidance, it would suggest a September release.

The new iPhone was expected to be delayed because of complications around putting a fingerprint reader behind a new bezel-less OLED screen, but the company is hinting that the delays have been overcome.

The Dow Jones Industrial Average will likely eclipse the 22,000 level on Wednesday thanks to the jump in Apple's stock.

Apple has risen 37.22% this year, including the post-earnings bump.

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