Apple shares closed higher again Monday and are poised to hold steady at the US market open, Tuesday, judging by after-hours trading data.
The tech giant’s share price surged last week on better-than-expected company earnings. Apple investors were also buoyed by impressive demand for the iPhone X.
Apple shares closed 1% higher at $174.24 Monday, after touching highs of $174.99.
Company fundamentals drive growth
Thursday last week saw Apple release its earnings report for the quarter ended September 2017. The results included better-than-expected revenue growth of 12% and $2.07 earnings per share for investors.
The revelation of how popular the iPhone 8 was and good news on customer interest in the latest iPhone X, added to the upbeat tone for the Apple stock.
“We’re happy to report a very strong finish to a great fiscal 2017, with record fourth quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for Services,” said Tim Cook, Apple’s CEO, in the company earnings press release.
Solid customer reviews of the iPhone X, have helped push demand higher with queues around the block reported for the newest Apple iPhone.
Tax dealings under scrutiny
While investors and analysts remain impressed with Apple’s recent performance, it’s tax setup has come under close scrutiny. Following the release of the Paradise Papers, the tech giant has faced some tough questions.
The leak of the sensitive financial details, show Apple – along with other businesses – have created tax structures that help keep their payments as low as possible. The US-based tech firm has responded to the papers with a statement.
In it, Apple says:
“The changes Apple made to its corporate structure in 2015 were specially designed to preserve its tax payments to the United States, not to reduce its taxes anywhere else. No operations or investments were moved from Ireland.”
“When Ireland changed its tax laws in 2015, we complied by changing the residency of our Irish subsidiaries and we informed Ireland, the European Commission and the United States. The changes we made did not reduce our tax payments in any country.”