Apple stock market value tops $900 billion for 1st time

New York, Nov 3 (IANS)  The stock market value of technology giant Apple topped $900 billion for the first time in its history following the latest upbeat results coinciding with the arrival of the iPhone X.

In the first minutes after the opening of the stock market on Wall Street, Apple shares spiked more than 3 per cent, taking the California company above $900 billion in stock market value for the very first time.

Almost two hours after the opening bell, the tech giant's shares on the Nasdaq had risen 2.44 per cent to reach $172.21 per share, Efe reported.

This new Apple landmark comes a day after analysts were surprised by the Silicon Valley firm's financial results and on the same day it has begun to sell the iPhone X, the latest version of its star product line.

The company of the apple missing a bite announced this Thursday that it closed its 2017 fiscal year with annual profits above $48 billion, while sales took in some $230 billion.

The new device, with which the company celebrates the iPhone's 10th anniversary, goes on sale in 55 countries starting this Friday, and is noteworthy for its 5.8-inch touch screen, elimination of the start button and Face ID to open the phone for use.

Apple has its hopes for the immediate future placed squarely on the iPhone X, and for the first quarter of fiscal 2018, which includes the season of Christmas gifts, forecasts revenues of between $84 billion and $87 billion.