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Apple Inc. posted earnings that beat estimates on Thursday, and issued a bullish forecast for the holiday quarter sales, easing investor worries regarding production issues on the new iPhone X.
Apple shares rallied 4 percent in extended trading to hit a record high.
The upbeat results came after the market launch of the iPhone X in Australian markets. A few weeks ago, Apple was perceived to have problems in launching its iPhone X and was surrounded by speculations of production problems that could affect supply.
These concerns were dismissed by CFO Luca Maestri, stating the tech company's content with the current pace of iPhone X production.
Apple projects the first-quarter revenue for the fiscal year to clock in at $84 billion to $87 billion at the high end of the range of estimates of $84.18 billion. The tech giant said it sold 46.7 million iPhones in the fourth quarter, higher than estimates of 46.4 million, according to FactSet. But average selling prices of $618 failed to hit estimates of $638.
The company expect a gross margin of 38 percent to 38.5 percent, higher compared to majority of analysts' estimate as new products are expected to have higher prices.
