Apple shares reach record highs following strong iPhone X sales

Apple’s (NASDAQ:AAPL) share price hit a record high on Thursday following record pre-sales of the iPhone X. 

The tech giant saw a 19 percent rise in profits and after it beat analysts expectations and sold 46.7 million iPhones in the last three months, generating revenues of $28.5 million.

“I have to say I couldn’t be more excited by Apple’s future. This was our biggest year ever in most parts of the world,” said Tim Cook, Apple’s chief executive.

“The ramp for iPhone X is going well,” added Cook. “We are really happy that we are able to increase week by week what we are outputting and we are going to be getting as many as we can to people as soon as possible.”

Cook is confident over the new iPhone model. The excitement seen in the pre-sales is evident among customers despite the phone costing $200 more than the iPhone 8.

Justifying the $999 phone, Cook said that it was “less than a coffee a day at one of these nice coffee places” and that “we price to the value that we are providing”

The company is now worth over $868 billion and is getting closer to becoming the world’s first trillion-dollar company every day. 

Daniel Ives, an analyst at GBH Insights, said: “A trillion-dollar market cap may now be in Cook’s sights in light of these results and guidance around iPhone X,”

Apple saw a rise in sales for Mac computers by 25 percent to $7.17 billion. This is the best year ever for the product and was largely due to the increase in sales in Macbook Pro.

iPad sales were up by 14 percent following a brief slump.

Whilst the company does not release sales figures for the Apple watch, Cook confirmed that growth was over 50 percent.