How to buy Apple stock
Updated Jan. 24, 2019 09:04:54Apple Inc. stock is up more than 50% on Tuesday, with investors betting that the smartphone maker is in a better position to compete with Amazon Inc. in the global smartphone market.
The company posted a third-quarter profit that beat Wall Street’s expectations, while its stock price climbed above $100 per share for the first time in almost three years.
Apple’s shares were up more or less 9% to $144.87 in after-hours trading.
The company also reported its first profit since it announced a $2 billion pay-to-play program last year.
Apple reported a profit of $10.3 billion in the third quarter, a gain of 37%.
Analysts expect Apple to record earnings per share of between $6.25 and $6, and net income of between 1.8% and 2% this year.
Apple’s stock price has risen more than 80% this century, with its average price nearly $130.
The shares have gained more than 100% over the past five years.
The stock rose more than 200% in 2016, the most in 20 years.
Investors are also betting that Apple will launch new devices and services, such as a new iPhone, next year.
The iPhone maker said it expects its iPhone 7 will have a 5.5-inch screen and a new camera.
Apple also said it will launch a new wireless charging standard with wireless charging in the iPhone 8 and the iPhone X.
Apple also announced it will buy Beats Electronics, a company that makes headphones and speakers, for $3 billion.
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