Apple Shares Jump on iPhone Production Boost Report, JPMorgan Upgrade

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Publish date:Jul 14, 2021 6:16 AM EDT

Apple could inquire suppliers to physique arsenic galore arsenic 90 cardinal next-generation iPhones this year, Bloomberg reported Wednesday, a 20% summation from its erstwhile target.

Apple  (AAPL) - Get Report shares jumped higher Wednesday pursuing a study that the iPhone shaper has asked suppliers to boost accumulation by arsenic overmuch arsenic 20% this twelvemonth arsenic it looks to conscionable improving lawsuit demand. 

Bloomberg reported Wednesday that Apple is looking to physique 90 cardinal next-generation iPhones this year, with the world's biggest tech institution expected to get a boost from the motorboat of caller 5G handsets aboriginal this year. Earlier this month, Apple's main rival, Samsung Electronics, said June 4th profits are apt to emergence by 53% from past year to 12.5 trillion won ($11 billion).

Shares were besides buoyed by an upgrade astatine JPMorgan, which added the banal to its 'analyst absorption list' as Samik Chatterjee boosted his terms people by $5 to $175 each.  

Apple shares were marked 1.58% higher successful pre-market trading Wednesday to bespeak an opening doorbell terms of $147.94 each. Apple deed a post-split precocious of $147.46 each connected July 13.

Apple is acceptable to study its 3rd 4th net connected July 27, with CFO Luca Maestri cautioning investors successful precocious April that the radical is apt to acquisition a "steeper than usual" sequential gross diminution acknowledgment successful portion to proviso constraints linked to the planetary semiconductor shortage pursuing Street-blasting income of astir $90 cardinal for the 3 months ending successful March. 

Apple said iPhone revenues roseate 65% from past twelvemonth to $47.94 billion, good up of the $41.7 cardinal Street forecast, acknowledgment to what CEO Tim Cook called "strong request for the iPhone 12 family".

Greater China revenues, Apple said, roseate 88% from past year's pandemic trough to $17.728 billion, portion wide services revenues roseate 26.6% to $16.9 billion.

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