Apple is poised to reach new all-time highs as the stock continues to soar in spite of a new report that its smartphone unit may be closing stores.
Apple stock has gained nearly 60% this year, according to FactSet, and is up about 25% in 2017, thanks in large part to a surge in sales and a sharp rise in revenue.
The company said Friday that its revenue grew by 20% last year, beating Wall Street’s expectations.
Apple CEO Tim Cook and Chief Executive Tim Cook will hold a media briefing at the company’s headquarters in Cupertino, California, on Sunday.
Apple is set to report earnings Monday that are expected to beat Wall Street estimates for its second quarter and fall well short of Wall Street expectations for the year.
The iPhone maker has said its first quarter profit will come in at around $6 billion, up from $4.7 billion in 2016.
The company’s quarterly profit is expected to be higher than analysts’ estimates.
Apple’s revenue is up by a third in the past year, and its profit margin is expected be above 40%.