Apple Inc. AAPL 0.02% reported better-than-expected earnings for its fourth quarter, as revenue from iPhones and iPads rose and the market rallied as the technology giant focused on creating a new kind of “mobile device” and boosting sales of its high-end iPhones and Apple TV.
The Apple Watch, a smartwatch that can track heart rate, sleep and more, has helped push Apple into the top 10 of the most valuable smartphones in the world, according to Bloomberg Intelligence.
The iPhone has also continued to gain traction as the biggest-selling mobile device in the U.S., while the Apple Watch has been a huge hit with teens.
The new iPhone 8 is available on April 22 and the watch is expected to hit stores in the second quarter.
“This year, Apple has really delivered on its vision of making an ‘internet of things’ device,” said Robert Kyncl, analyst at Technavio.
“The new Apple Watch is an incredibly compelling smartwatch, and I think that will help Apple keep its share of the global smartphone market.”
The company also announced that its iPhone 8 and iPhone 8 Plus are both selling better than expected.
According to Bloomberg, the iPhone 8 has sold 3.3 million units and the iPhone X is now sold out.
Apple is also expanding its mobile devices lineup with the release of the iPhone 7 and iPhone 7 Plus.
The iPhone 7, which debuted in March, was a solid product, with solid specs and great battery life.
Its successor, the 7 Plus, is more affordable and has a better camera.
Samsung Electronics Co. SKOT 0.14% reported its best-ever third-quarter financial results, as it posted $13.7 billion in sales and profit, and a $1.6 billion cash flow boost.
The company’s mobile devices business is growing, especially with the iPhone 6 and 7.
For the full year, Samsung had revenue of $18.3 billion, up 22% from the previous year.