Apple boosts Q4 revenue, profit margin forecasts on high iPhone sales
updated 10:26 am EDT, Mon September 23, 2013
by MacNN Staff
Rare mid-quarter adjustment
A new filing with the US Securities and Exchange Commission shows that Apple is expecting higher revenues and profits for the current quarter, based on this weekend's successful iPhone launches. "On September 23, 2013, Apple Inc. (the 'Company') announced that it has sold over nine million new iPhone 5s and iPhone 5c models, just three days after the launch of the new iPhones on September 20," the filing reads. "Apple expects total company revenue for the fourth fiscal quarter to be near the high end of the previously provided range of $34 billion to $37 billion, and expects gross margin to be near the high end of the previously provided range of 36% to 37%."
It's rare for Apple to modify forecasts mid-quarter. Since the new iPhones have sold extremely well, however, Apple may want to both encourage and prepare investors to anticipate good results when it reveals Q4 figures sometime next month. Apple stock has been turbulent since September 2012, when its price achieved an all-time high over $700. At the moment, shares are worth about $488 each, up over $20 in Monday trading.