Still riding high on its stellar earnings, Apple s stock soared to a new record Friday morning.
Shortly after the markets opened, Apple s stock climbed to more than $120, besting the previous high of $119. Investors are still mooning over Apple s financial performance in its first quarter of 2015, in which the company raked in $18 billion in profit– a quarterly record for a publicly traded firm.
The trusty iPhone was the engine of Apple s sales, accounting for 69 percent of its revenue. Drawn by the gadgets bigger screens, consumers snapped up 74.5 million phones during the quarter, which ended Dec. 27. What s more, the iPhone s average selling price climbed $50, driving Apple s profits even higher.
They have been able to increase volume and raise prices, said analyst Colin Gillis of BGC Financial. It s a thing of beauty.
But now that Apple has climbed so high, the question of what s next is more pressing than ever. Only a fraction of existing iPhone users have upgraded to the latest phones, suggesting that Apple will enjoy the success of the iPhone 6 and 6 Plus for some time. But Apple will likely face pressure as consumers go longer between smartphone upgrades, as they have with other gadgets, Gillis said.
They have a profit empire, Gillis said. But does any empire ever last?
Above: Apple CEO Tim Cook flaunts the iPhone 6, which unleashed a gusher of sales for the company (Justin Sullivan/Getty Images).
