Apple Inc. became the first U.S. company with a market value of more US$800 billion as investors bet the next iPhone will spur a resurgence in sales.

The stock rose 1 per cent Tuesday to close at US$153.99 in New York, giving it a market capitalization of about US$803 billion. The shares have gained 33 per cent since the start of the year, helped by a buyback program that Chief Executive Officer Tim Cook extended to total US$210 billion last week, from US$175 billion last year.

Apple’s revenue grew in the most recent fiscal quarter even as iPhone unit sales fell. Cook has sought to diversify the Cupertino, California-based company away from the smartphone, emphasizing higher-margin services such as the App Store and iCloud, and introducing new products such as the Apple Watch and AirPod wireless headphones.

After a modest upgrade to the iPhone last year, Apple is expected to unveil three new iPhones later this year to coincide with the 10-year anniversary of the first model. The updated range will include a new top-of-the-line handset with an overhauled look, people familiar with the plan told Bloomberg News in April. Apple is testing a new type of screen, curved glass and stainless steel materials, and more advanced cameras for that redesigned device.

Bloomberg News