It is the third Big Tech company to hit the milestone, as robust demand for its latest iPhone models allayed fears over its slow progress in the artificial intelligence (AI) race.
The stock was last up 0.2% at $269.2 in early trading, hitting an all-time high. Apple’s shares have gained about 13% since the new launches on September 9, in a remarkable turnaround that pushed the stock into positive territory for the first time this year.
“The iPhone accounts for over half of Apple’s profit and revenue, and the more phones they can get into the hands of people, the more they can drive people into their ecosystem,” said Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management, ahead of the milestone.
Apple shares had struggled earlier this year on concerns over tough competition in China and uncertainties around how the company would navigate high United States (US) tariffs on Asian economies such as China and India, its major manufacturing hubs.
The latest smartphones, including the iPhone 17 line-up and the iPhone Air, wooed back customers from Beijing to Moscow within the first few weeks of launch, while the company has swallowed the high costs from the tariffs.
Analysts said the iPhone Air’s slim design could help fend off rivals such as Samsung Electronics, while early sales of the iPhone 17 outperformed its predecessor by 14% in the US and China, data from research firm Counterpoint showed.
Brokerage Evercore ISI expects the strong demand for Apple’s latest iPhones to help it surpass market expectations for the three-month period ending in September and issue upbeat forecasts for the quarter ending in December.
–Reuters–
