Apple Inc.’s share price up, projects record sales for the holiday quarter after a strong third-quarter performance

Apple Inc. reported its results during the quarter that ended on September 27th along with the launch of its new digital payments service called Apple Pay. The U.S.-based company said in its official statement that its revenue for the period increased by 12% and amounted to $42.1 billion. This revenue growth has been the strongest in almost two years.

The Chief Executive Officer of the company, Tim Cook, said in a statement, cited by the Wall Street Journal: “I’ve never felt so great after a launch before.” He also described the customers demand for Apples new iPhones as “staggering”.

The reported revenue surpassed initial analysts forecasts pointing to a figure of $40 billion. Apple also stated that its earnings increased by 20% from $7.51 billion, or $1.18 a share posted a year earlier, to $8.47 billion, or $1.42 per share. This result also topped analysts projections of $1.31 a share.

The iPhone manufacturer revealed its net income grew by 13% to reach $8.5 billion, while its sales increased by 12% from $37.5 billion a year ago to $42.1 billion.

The companys CEO projected record sales during the holiday quarter due to the stable demand for the companys new iPhones and iPads. The launches of companys new products just ahead of the holiday season became a tradition, which started with the company presenting its iPhone 4s and the iPad mini in 2011 and 2012.

Rhoda Alexander, an analyst at IHS Inc., said in an interview, cited by Bloomberg: “There’s absolutely no coincidence that it’s happening at this time of the year. They really shifted most of their product introductions to happen in the second half of the year.”

Apple Inc. was 2.14% up to close at $99.76 per share yesterday, marking a one-year increase of 37.22%. The company is valued at $584.84 billion. According to CNN Money, the 44 analysts offering 12-month price forecasts for Apple Inc. have a median target of $110.00, with a high estimate of $135.00 and a low estimate of $60.00. The median estimate represents a +10.26% increase from the last price of $99.76.