Apple results remain rosy, despite lack of new products

Apple Inc. has projected SAN FRANCISCO revenue in the current quarter that topped analysts’ estimates, sending its shares soaring and signalling strong sales of new iPhones scheduled for release this fall.

Revenue will be US$49 billion to US$52 billion in the three months through September, the company said Tuesday. Analysts projected US$49.1 billion.

The unexpectedly strong results led Apple’s shares to jump more than six per cent in extended trading after closing at $150.05 Tuesday in New York. That put the stock on course to open at a record on Wednesday. Shares have climbed about 30 per cent this year.

New iPhones typically go on sale in September, which produces a few weeks of revenue that are included in the company’s fiscal fourth-quarter results. Some analysts had reduced their projections on concern the new high-end iPhone may be delayed, but Apple’s forecast Tuesday calmed those fears.

“We’ve put everything we know into coming up with the guidance,” CEO Tim Cook said. “We really like what we see for the beginning of the back-to-school season.”

The company sold just more than 41 million iPhones in the quarter ended July 1, generally in line with the 41.1 million estimated by analysts, according to data compiled by Bloomberg.

Revenue rose 7.2 per cent to US$45.4 billion compared with the average projection of US$44.9 billion. Apple generates almost two-thirds of its revenue from the iPhone.

Apple’s stock has soared to record highs on expectations that the new high-end smartphone, which will also include a front-facing 3D sensor to enable facial recognition, will spur a resurgence in demand that will carry into the holiday quarter and beyond.