An update to Apple's financial projections for its current quarter suggested that the higher-priced iPhone is accounting for most of the early sales. The company said it expects its revenue for the quarter ending this month to be about $37 billion. Management had previously predicted its revenue could be as low as $34 billion. Apple anticipates its profit margins be at the top end of earlier forecasts.
Apple rarely provides more insight about its quarter this late into the three-month reporting period, according to Barclays analyst Ben Reitzes. He interpreted the departure from company protocol as a sign that Apple is confident it will prove its skeptics wrong.
"It implies a message from management that the company is back on track," Reitzes wrote in a Monday research note.
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