Shares of Apple Inc. surged yesterday after the company announced the best financial quarter ever for a public company, and analysts predict there's more growth in the tech giant's future.
Apple stock closed up 5 percent a day after it revealed blockbuster $74.6 billion in sales and record-breaking $18 billion profit in the fourth-quarter after it rolled out its newest smartphones, the larger iPhone 6 and iPhone 6 plus. The company said it sold 74.5 million iPhones in the quarter, which works out to 34,000 smartphones every hour.
"We believe momentum in the current iPhone product cycle remains strong," said Ben Reitzes in a research note for Barclays, "helped by new form factors as well as new products."
Citigroup analyst Jim Suva pointed out that changes in wireless plans allow consumers to upgrade their smartphones without waiting two years to avoid penalties, which he called a big factor in Apple's sales total and a continuing plus for the stock.
"We believe investors do not fully grasp this change in behavior by the wireless carriers and the positive impact to Apple," he wrote.
But Roger Kay, founder and president of Endpoint Technologies Associates, sounded a more cautious note.
"Other factors will make it difficult to match this quarter's growth performance," he said.
Herald wire services contributed to this report.
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