Apple broke many records with its latest quarter reporting $74.6 billion in revenue and $18 billion in profit with 74.4 million iPhones sold, numbers which greatly surpassed both Apple’s guidance and the even higher consensus analysts predicted, and Wall Street is taking notice.
Following a dismal day for the market yesterday which saw Apple down a few points ahead of its earnings report—it was soon back on the rise in after hours trading—both Apple and the Dow are climbing this morning largely due to those record numbers yesterday. Hovering around 7.5% higher since opening this morning and occasionally crossing 8%, Apple is positioned to cross its previous record high shortly.
In terms of Apple’s market cap, the company added nearly $50 billion overnight after reporting its record quarter for revenue, profit, and hardware sales climbing from $640.09 billion to $689.12 billion.
With Apple’s stock price on the rise today, the company is poised to cross its previous record set last November when it crossed $700 billion in market capitalization with stock as high as $119.75 during trading. Apple’s previous record high close measured at $119.00 even while stock today is hovering just under $118.
Aside from breaking its own previous records for earnings during a quarter, Apple’s FY2015 Q1 set a new world record for quarterly profit of any company. We’ll keep an eye on this space as Apple climbs toward a new all-time high bringing the market up with it.