Apple shares hit at an all-time high

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How will investors respond to Apple's relatively flat earnings?
How will investors respond to Apple's relatively flat earnings?
Photo: Ste Smith

Weeks of iPhone sales doom and gloom has done wonders for Apple’s stock price.

Shares of AAPL closed at an all-time high today thanks to the company’s historic Q2 earnings report that revealed the iPhone X is doing much better than the analysts expected.

Apple’s stock price closed at $183.83 today, just barely beating the company’s previous high of $183.50. The company is now about $20 per share short of being the first company to hit the coveted $1 trillion market cap target Amazon and Google are also closing in on.

Warren Buffet gave Apple’s stock a big boost today when he revealed his company Berkshire Hathaway purchased 75 million shares this year. Apple shares now account for a whopping 25% of Berkshire’s portfolio.

During its earnings call on Tuesday with investors, Apple said it expects iPhone sales to remain strong in the next quarter too. The iPhone X was the most popular iPhone sold last quarter despite it having the highest price tag.

“The iPhone X is a beloved product, I could not be prouder of it,” Tim Cook told investors this week, comparing it to a Super Bowl winner who only wins by a touchdown or two rather than a total blowout. It’s still the best in the game.