Apple shares to hit $350 first time
Apple shares to hit $350 first time

The stocks of the American tech giant, Apple, have hit the new records. Apple shares surged to a record high after the company revealed its data on sales in China at the end of the year. In December 2019, Apple's iPhone sales in China rose more than 18% on a yearly basis, totaling 3.2 million units, compared to 2.7 million units a year ago. Given that the Chinese market is the largest in the world, this data has immediately boosted the value of the company's shares. Apple’s stocks soared by as much as 2%, setting a new historical record of $309.63 per share. The results observed in early 2019 are strikingly different from those logged later this year. For instance, when summing up the results of the first quarter, Apple reported a profit reduction in China of $13.17 billion. This was $5 billion less than in the first quarter of 2018. Analysts expected the sales to decrease further, especially amid escalating trade tensions. Earlier in 2019, Apple’s CEO Tim Cook said about China, “... it's clear that the economy begins to slow there for the second half. And what I believe to be the case is the trade tensions between the United States and China put additional pressure on their economy.” However, in the second half of the year, the situation has markedly improved. Besides, some skeptics might have underestimated China as its purchasing power is steadily growing. This may potentially bring the American tech giant to new sales records. Thus, analysts at Wedbush believe that rising demand in China will push Apple’s shares to as high as $350 apiece in the next 12 months.

Published: 2020-01-14 10:16:50 UTC
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