Apple shares rise on new sales boost

APPLE’S value soared above $820bn (£620bn) 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 posted an 11pc rise in quarterly profits on growing smartphone sales. Demand for the ipad tablet, which has been falling for years, has also grown. 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 sales in the current quarter would be between $49bn and $52bn, above the analysts’ forecasts.

Expectations are high ahead of the release of Apple’s next iphone, due to be unveiled next month. The release is rumoured to include a pricey high-end model with a new design, leading to reports that sourcing new components will put pressure on supplies.

The company’s promising forecast for the upcoming quarter dispelled these doubts, sending shares up 5pc in after-hours trading to a record high.

In the three months to July 1, Apple posted a 7pc increase in revenues to $45.4bn and profits up from $7.8bn to $8.7bn.