19 October 2018
People queue overnight for iPhone X outside the Apple store in Singapore. Photo: Reuters
People queue overnight for iPhone X outside the Apple store in Singapore. Photo: Reuters

Apple sees holiday-quarter sales above Wall Street

Apple Inc. forecast revenue for the holiday shopping-quarter largely above market expectations on Thursday, allaying investor concerns about production delays on the eve of the launch of the highly anticipated iPhone X, Reuters reports.

Apple has said demand for its newest phone, which opened for pre-orders last week, has been “off the charts,” although some analysts have been worried about supply chain issues that might prevent Apple making enough phones to satisfy demand.

The new phone, which goes on sale around the world on Friday, drew a line of about 350 people outside Apple’s store in Sydney, Australia shortly after the company released its results.

Apple chief financial officer Luca Maestri told Reuters on Thursday the company was “quite happy” with how manufacturing of the iPhone X was progressing, noting that “production is growing every week, and that’s very, very important during a ramp period.”

Apple shares rose 4 percent in after-hours trading to hit a fresh all-time high.

Analysts have been eager to see whether Apple can meet demand for the iPhone X during the crucial holiday quarter, with most saying it will likely take Apple until next year or early spring to do so.

“Where the demand curve and supply curve are going to intersect, we do not know. It does not have a predecessor product,” Maestri told Reuters.

Apple forecast fiscal first-quarter revenue of US$84 billion to US$87 billion. Analysts on average were expecting US$84.18 billion, according to Thomson Reuters.

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