Apple shares closed at record highs Friday after Apple’s quarterly profit soared to $15 billion, a record for the company.
The stock rose more than 12% to $158.65 in early trading, as investors saw a rebound in consumer demand for Apple products after the company announced a series of new iPhones and other products.
The earnings report was good news for investors, who were hoping the company would finally return to profitability, which has been a long-time goal for Apple.
Apple’s stock surged as much as 12% in early trade on the Nasdaq in the past few days after the news was released.
The company posted $16.3 billion in revenue for the fiscal year ending June 30, a 12% increase over last year.
The company said it was also on track to reach its revenue goal for the year, which would be about $20 billion.
Shares of Apple rose as much Friday as they had in the previous two sessions.
The stock rose nearly 16% in the first 24 hours of trading.
Apple shares are up nearly 40% in 2017, compared with a 6% gain for the S&P 500 index.
The iPhone maker has struggled with sluggish sales and increasing competition from the likes of Samsung and Apple itself.
The firm reported its fourth-quarter revenue of $12.5 billion and profit of $13.1 billion, with revenue up 8.9% to more than $22 billion.
It also said it delivered a record profit of nearly $1 billion on its Apple Watch unit.
Apple has struggled to get back to profitability and has been hit with numerous legal settlements.
The court-ordered sales ban on the new iPhones triggered a backlash from many in the tech industry, with many companies cutting ties with Apple.