Apple stock has risen by 8% on Wednesday after the company posted its first quarterly profit since 2007, according to the Dow Jones Industrial Average.
The stock rose more than 15% after the Wall Street Journal reported that Apple’s sales and profits would rise at least 9% for the quarter.
Apple’s stock is up over 12% this year and has been rising since its high in the second quarter of this year.
The quarterly profit report marked Apple’s biggest quarterly profit in two years, according the Wall St Journal.
The earnings announcement came after the stock soared as much as 8.2% on Tuesday, hitting a record high of $1,934 per share.
Apple has long had a reputation for having a high valuation, which has helped the company withstand the downturn.
Apple has also been one of the biggest growth engines in the smartphone industry, and its profits have soared since the iPhone 6 launched in late September.
The iPhone 6’s success has led to many new Apple products, including the iPhone X, which Apple announced in November.