Apple shares jump 4.3% on iPhone sales projection with updated models

Apple's stock has gained 17% this year putting the iPhone maker on a path to become the first US-based company with a market value of $1 trn

Apple Inc shares jumped 4.3 per cent Wednesday after the company projected sales that suggest consumers are still snapping up the company’s high-end iPhones even as updated models are on the horizon.

The Cupertino, California-based technology giant said on Tuesday it expects fiscal fourth-quarter revenue between $60 billion and $62 billion. Analysts were looking for $59.4 billion, according to data compiled by Bloomberg. Fiscal third-quarter results also beat Wall Street expectations. The shares were trading at $198.50 at 9:35 a.m. in New York, a record.

Apple’s stock has gained 17 per cent this year putting the iPhone maker on a