Apple shares were on fire in Friday trading after the iPhone maker reported a stellar earnings report.
The tech giant released its earnings late Thursday night and saw it shares up 3% by the bell on Friday. The earnings were so good that it helped the company hit a valuation of over $900 billion for the very first time.
For the fourth quarter, Apple reported adjusted EPS of $2.07. Wall Street had expected $1.87. Revenue at $52.6 billion was also higher than the $50.7 billion expected by analysts.
In the same quarter a year ago, the company had reported adjusted EPS of $1.67 and revenue of $46.9 billion.
It was the recently launched iPhone 8 and iPhone 8 Plus that helped the company rack in the revenues. According to the company’s CEO, the two phones were Apple’s top selling products “instantly.”
Q4 iPhone unit sales were 46.7 million compared to 46 million expected by the consensus estimate.
The company also reported an outlook for the next quarter that was on the high end with Cook saying, “You can see from our guidance, we’re very bullish.”
Looking ahead, Apple has forecast $84 billion to $87 billion vs. $84.9 billion expected by Thomson Reuters.
Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.