San Francisco: Apple’s stock blasts with a 2016 high with its value being above $600 billion for the first time since April on Wednesday.
Widely-publicized recall of potentially exploding Galaxy Note 7 smartphones, and strong early orders of newest iPhone7, led to the rose of shares of Apple by as much as 4.7 percent to $113.03 for a gain of 10 percent in the past three days.
As Wall Street bet the technology company’s newest iPhone would help in shoring up the fallen sales.
On Tuesday, Sprint said pre-orders for the iPhone 7 were up nearly four times compared to last year's iPhone. T-Mobile said pre-orders rose nearly four times compared with its next most popular iPhone.
Revenue for Apple's fiscal year ending this month is likely to fall 8 percent and then grow 4 percent next year, according to the average estimate of analysts.