BEIJING: Apple Inc shares (AAPL.O) rose 4.4% on Wednesday, after the company calmed Wall Street nerves with an improvement in sales in China and as several brokerages predicted a boost from its services business and the launch of new iPhones in the second half of 2019.
If the gains hold, Apple would be within touching distance of again topping $1 trillion in market value, just shy of the world’s most valuable company, Microsoft Corp (MSFT.O). Apple had 4.53 billion shares outstanding at the end of last quarter.
In the earnings report after markets closed on Tuesday, Apple said services revenue rose 12.6% to $11.5 billion in the three months to June, offsetting a 12% fall in global iPhone sales to just under $26 billion.
“We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China,” Chief Executive Tim Cook told a conference call after the results.
(Agencies)
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