Apple's upbeat forecast pushes market value back toward US$1 trillion

REUTERS: Apple Inc shares rose nearly 5 percent on Wednesday, pushing the iPhone maker's market valuation back toward US$1 trillion as its quarterly report and upbeat forecast soothed investors worried about falling iPhone sales.

Apple's shares ended 4.91per cent higher on Wednesday, valuing it at around US$969 billion, based on shares outstanding as of April 22. Though iPhone sales dropped 17per cent in the fiscal second quarter, the company's services revenue beat Wall Street expectations and it forecast an upbeat third quarter.Apple spent a record US$24 billion on buybacks during the quarter. Its buybacks last year https://tmsnrt.rs/2vyr2oi topped US$70 billion, or around five times its own spending on research and development.

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