Apple Shakes Off Concerns About Its Brand New iPhone

Blowout earnings and robust forecast lift global markets
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Apple Inc. (AAPL) - Get Report  shares were jumping 7% in premarket trading on Wednesday after the iPhone maker soundly beat earnings forecasts and issued an outlook that seemed to allay worries over potential iPhone 8 delays. Apple said it expects revenue in its fiscal fourth quarter, which ends in September, to be about $49 billion to $52 billion, a figure that tops analysts' forecasts and suggests that rumors of production and technical delays linked to the 10th anniversary iPhone release later this year were unfounded. For its fiscal third quarter, the world's biggest tech company posted earnings of $1.67 a share on revenue of $45.41 billion. Apple said all-time iPhone sales topped the 1.2 billion mark during the three months ended in June after 41.03 million units were shipped during the quarter, a 1.6% increase from the same period last year.

Apple said it expects gross margin in the fourth quarter of between 37.5% and 38%.

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