What you need to know
- Apple's shares are up by as much as 4% in early trading following reports it will increase iPhone production by 30% next year.
Apple's shares have climbed by as much as 4% in early trading, following reports Apple will increase iPhone production by 30% next year.
As noted by Business Insider:
As the report notes, that means that Apple added around $88 billion to its market value in about 20 minutes this morning. The price has leveled out a little, but are still up at around 2.94%, or $125.39, their highest level since mid-September.
As various reports note, this morning's jump is likely spurred by reports Apple will increase its iPhone production by 30% in the first half of 2021 to keep up with demand. From that report:
The report says that demand for the iPhone 12 Pro and Pro Max, in particular, is "quite bright". iPhone 12 looks set to break two years of declining iPhone shipments next year.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9