Apple value touches $900bn on iPhone sales

Apple briefly became the first $900bn (€772bn) in the US on the day its stores around the world were inundated with customers trying to get their hands on the new iPhone X.

Demand for the handset, which boasts a facial recognition system, an edge-to-edge display, and a price tag starting at $999 (€857), has prompted Apple to predict record sales of at least $84bn in the Christmas quarter. The shares gained as much as 3.7% to $174.26, briefly tipping Apple’s market capitalisation above $900bn.

“Apple is taking the iPhone franchise to a whole new level with the iPhone X, pushing the company deep into the ultra-luxury smartphone market with the highest priced iPhone in the company’s history,” Drexel Hamilton analyst Brian White wrote in a note to clients. “We believe Apple has attractive upside over the next 12 months,” he said.