Apple Shares Hit Record as Bright Forecast Highlights Future Demand

Tech giant within striking distance of trillion dollar valuation

Image Credits: Omar Marques/SOPA Images/LightRocket via Getty Images.

Shares of Apple Inc hit a record high on Wednesday and neared a $1 trillion valuation, after the company forecast blowout current-quarter sales and analysts said a September launch of new iPhones set the stage for sustained growth.

The company’s shares rose 4.7 percent to a high of $199.26 in early trading – within striking distance of the $206.49 mark that will give it a trillion-dollar valuation. Including Wednesday’s gains, the stock has risen 17.5 percent this year.

Apple forecast revenue of $60 billion to $62 billion for its fiscal fourth quarter, beating the $59.6 billion analysts had expected, according to data from Thomson Reuters I/B/E/S.

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