Imagination Technologies (IMGTY) and other European suppliers to Apple (AAPL) rallied early Wednesday after the U.S. tech giant reported better-than-expected earnings backed by stellar iPhone sales.
Chip designer Imagination jumped 3% to change hands a three-week high of 243 pence each by 08:30 GMT in London, while chip maker STMicroelectronics (STM) rose 2.2% in Paris to €12.47 each, just a few cents shy of its all-time high of €12.50 each.
In Frankfurt, Infineon Technologies (IFNNY) edged up 0.71% to €17.10 each while AMS AG (AMSSY) advanced 1.74% to €32.38. Dialog Semiconductor (DLGNF) , another key supplier which relies on Apple for around three quarters of its annual revenue, jumped 3% to a 52-week high of €44.30 each.
Apple's first quarter 2017 results announced Tuesday beat Wall Street expectations. Apple posted adjusted earnings of $3.36 per share, beating analysts' projections of $3.22 per share. Revenue came in at $78.4 billion, beating analysts' estimates of $77.3 billion.
The Cupertino, Calif.-based company sold 78.3 million iPhones during the key holiday shopping quarter, while Wall Street had estimated it would sell 77 million iPhones. The number of iPhones sold were helped by the release of the iPhone 7, the latest model of Apple's flagship smartphone.
Apple's Other Products unit, which includes sales of the Apple TV, Apple Watch and Beats products saw revenue of $4.02 billion, compared to $4.35 billion in the same quarter last year. The revenue was largely in line with analysts' expectations for $4.07 billion.
