Image copyright Getty Images Image caption Apple CEO Tim Cook is hoping to make a splash
Apple shares have soared to an all-time high on optimism the tech giant will soon launch a new iPhone that can do more than display pictures and video.
The company, whose shares were up 0.5% at US$254.56, said the new model would be the first to incorporate the company’s Face ID facial recognition technology.
Meanwhile, some said that Apple could be preparing a new AirPod headphones accessory.
Analysts also say the company’s future lineup of laptops and streaming boxes are also likely to benefit from a sales spurt.
Shares have risen 15% over the past 12 months, according to Bloomberg.
On Monday, Apple Chief Executive Tim Cook said the company was working on a large-screen phone that would also be able to run “all of your existing apps”.
The new iPhone, which is expected to be released in September, will be called the iPhone 11, according to those familiar with the company’s plans.
He added that the company’s digital assistant Siri would be able to do a better job of handling factual queries, allowing users to ask it “what is the most expensive volcano in the world” and still get a proper answer.
Apple said it expected the new iPhone to boost its revenue by $12bn to $14bn (£9.25bn to £11.88bn) this year, which would bring the company’s total sales in 2019 to about $229bn (£157.33bn).
It also said that sales in the quarter ending April were up 14% from a year earlier, while profits jumped nearly 51% to $11.8bn.
The report comes ahead of Apple’s results announcement on Tuesday.
Image copyright Getty Images Image caption Apple shares have soared in recent months
The latest iPhone update was the subject of much speculation, with many Apple fans hopeful about the potential and design of the new handset.
Mr Cook also said the company was buying commercial real estate around new studios for their “spaceship” campus in Cupertino, California.
He gave no further details on the expected move.
Apple’s Head of US Sales Brian White said a new iPhone, AirPod headphone headset and new laptops were all likely to give the company an “exciting” few weeks ahead.
Image copyright Getty Images Image caption Apple says it is spending heavily to build out its giant campus
In March, the company reportedly agreed to spend $4bn (£3.01bn) to build a 13th retail store in Japan.
Analysts are also expecting a new line of MacBook Air laptops as well as a streaming box, and Apple’s HomePod speakers.
However, a Bloomberg report on Monday said Apple was working on two new wireless Bluetooth earbuds, as well as a new AirPods design, but had yet to make a final decision on which option to take.
As for the future wearable products, the Apple Watch has been relatively successful, with Apple stating in its last quarterly earnings report that the Apple Watch is now a $3bn business for the company.