Apple reports better-than-expected earnings and a rosy forecast for the holiday shopping season, allaying investor concerns about production delays on the new iPhone X which was released on Friday. Laura Frykberg reports.
It's sent devout followers of Apple Into a frenzy around the world. From China, to Australia, to Germany. Everyone, it seems, wants a piece of the new iPhone X. (SOUNDBITE) (German) APPLE FAN, MAX: "It's like a religion. When it's introduced it's like being in church on a Sunday morning at 11. People are seated, all curious, and someone talks up front. It's a pattern which by now works fantastically." The new device may prove to be Apple's Holy Grail. iPhone sales accounted for over half of its sales in the fourth quarter. Almost 29 billion dollars. And the iPhone X is so far selling well. Sending the firm closer to hitting its trillion dollar market value. (SOUNDBITE) (English) NEIL WILSON, SENIOR MARKET ANALYST, ETX CAPITAL, SAYING: "It's clearly the still the most important product for Apple is the biggest seller generating those revenues is really important for Apple to continue to produce a new device every couple of years." The fervor over the iPhone X Release has seen some spot an opportunity For profit. Buying multiple devices Which cost about 1200 dollars. And on selling them for double the price. But money, for some of the devout, is no object. (SOUNDBITE) (English) FIRST IN QUEUE BISHOY BEHMAN, SAYING: "I mean I love the iPhone, you know, I can never go to Samsung, you know. I can never go to a different brand, so the iPhone is a big part of my life, you know. I love using it, I love how simple it is, I love, I love the way it works." (SOUNDBITE) (English) APPLE FAN, CHLOE HARTLEY, SAYING: "In a way I am insane. I have Apple products at home and they all connect together. I think I just love the Apple phones really. I think they are great." In Japan some waited almost a week out in the cold to be first to buy The new device. Traders are celebrating the worldwide euphoria. Net income rose to just over 2 dollars a share, beating estimates of under 1.90.