Apple’s value soared above $800bn last night as the company soothed fears that sales of its upcoming iPhone would be hit by supply delays.
The world’s biggest public company beat expectations by posting an 11pc increase in quarterly profits on growing sales of its bestselling smartphone. Sales of its iPad tablet, which have been falling for years, grew for the first time since 2013.
The company also defied fears that it is in for a rough few months amid reports that its next iPhone will be delayed by supply shortages. It predicted that sales in the current quarter, which typically includes the release of a new model, would be between $49bn and $52bn (£37bn-39bn), above analysts’ forecasts.
Expectations are high ahead of the release of Apple’s next iPhone, due to be unveiled in September. Despite its soaring share price, the stellar growth that Apple once enjoyed has slowed in recent years as sales of the iPhone stall.
Next month’s release is rumoured to include a pricey high-end model with a new design and features such as facial recognition technology, leading to reports that sourcing the new components will put pressure on how many Apple can produce.