iPhone eventSource: Apple

What you need to know

  • Apple's share price has hit its third record high in July.
  • It closed at $145.64 on July 13.
  • It looks set to break more records with no signs of a slowdown.

Apple's share price continues to barrel towards the $150 mark, after closing at another record high price of $145.64 on Tuesday, the third such record this month.

As noted by Philip Elmer-DeWitt, AAPL closed at a record high on Tuesday, the third new record in just a few days. Last week iMore reported that Apple's share price had broken its all-time high record set in January.

As iMore first reported in June, Apple will hold its Q3 earnings call on July 27, where it will announce its earnings for Q3. At its previous call, Apple told investors to expect strong double-digit growth compared to the same period last year, however, it is expecting a larger than usual dip in sequential revenue (on the previous quarter) because of how good that quarter was. Delays to the iPhone 12 meant Apple saw much stronger sales for the device in that quarter than it might have expected. Apple has also warned investors that global supply constraints of chips and components will cost the company around $4 billion in revenue.

Reports indicate that Apple could sell 226 million iPhones next year thanks in part to the iPhone 13. Apple's share price is up another $2.30 (1.58%) at the time of publication ahead of the market opening, suggesting the stock is going to continue climbing, probably breaking the $150 price mark very soon. JP Morgan recently maintained its 'overweight' rating of Apple stock and set a target price of $170.

Apple's stock may have been buoyed on Tuesday by reports the company is preparing to launch an 'Apple Pay Later' scheme that will let users pay for Apple Pay purchases in installments, sending the share price of potential rivals tumbling.