New iPhone pushes Apple to record high

. . . and it’s also lifted tech firms across the globe

APPLE shares soared to record highs and boosted those of its suppliers across the globe on expectations for its next blockbuster iPhone.

The world’s most valuable company was up almost 5pc as US markets closed last night after bosses reported revenues of £34.3bn in the three months to July.

They revealed that sales of existing iPhone models were stubbornly strong – confounding Wall Street predictions – and MacBook computers were also flying off the shelves.

Boss Tim Cook also gave a vision of future developments from Apple, including developing its own music content.

It gives the tech titan fresh momentum as it heads towards its most eagerly anticipated smartphone ever. The iPhone 8, which is to be launched in the autumn, is expected to have wireless charging, an edge-toedge high-definition screen and facial recognition technology.

The circular ‘home’ button at the bottom of iPhones, part of the design since the first model was released in 2007, could also be ditched.

Analysts say major upgrades expected in the iPhone 8 will make it a game-changer, kicking off a new ‘super cycle’ that will turbocharge sales and spark a fresh wave of upgrades.

And although supply chain fears had led to speculation the handset would be delayed beyond a traditional September release date, Apple’s bullish fourth-quarter predictions convinced investors it was set to arrive on schedule.

Cook pointedly refused to comment on the upcoming iPhone, but he teased: ‘We’re very excited about the advances coming this fall.’

The results were all the more surprising because of fears that sales of existing iPhones would slow ahead of the new model’s release. Instead, Apple said it sold 41m handsets worldwide in the three months to July 1 – a rise of 1.6pc on the same period in 2016. Cook said the company also sold 11.4m iPads, up 15pc on the previous year, and its MacBook range saw a sales bump of 7pc just as a new lineup was being launched.

Apple also confirmed its gargantuan cash pile had increased by 16pc to £197.5bn.

The results, released after markets closed on Tuesday, drove up shares in after-hours trading and gave Asia’s tech sector a lift overnight.

In a note to analysts, Morgan Stanley’s Katy Huberty said it boded well for the new iPhone. She said: ‘Despite investor concerns that iPhone shipments could push to November, December or even next year, management guided September quarter bullishly and sounded confident on upcoming product launches this fall.’

Suppliers across Europe also benefited. Reading-based Dialog Semiconductor, listed in Frankfurt, was up 3.2pc, and Londonbased Laird was up 1.3pc.

Jordan Hiscott, chief trader at Ayondo Markets, said: ‘Apple has comfortably exceeded analysts’ forecasts. These are positive results and the company appears to have soothed some fears of a slowdown in the iPhone, while also allaying concerns about a delay in production for the iPhone 8.

‘Its share performance this year is nothing short of impressive.’