Apple reiterated its goals of selling 10 million iPhones by the end of the year in spite of growing concerns of a slowing macro-economy analysts concerns.
At Apple's annual shareholder meeting on Tuesday, Chief Executive Steve Jobs said the company remains comfortable with its previously stated iPhone sales goal of 10 million units globally by the end of 2008.
There are plans in place to achieve our 10 million iPhone goal, Jobs told shareholders at the company's Cupertino Calif. headquarters.
Shares of the company rallied $2.89, closing 2.37 percent higher at $124.62.
Apple has come under fire in recent weeks over concerns about the slowing economy as well as worries about the companies ability to hit its sales target for the iPhone.
Yesterday Banc of America Securities analyst Scott D. Craig lowered his share price target to $160 from $180, saying he expects iPod production for the second quarter will be down 10 percent to 15 percent year over year.
He lowered his second-quarter iPod sales estimate to about 10 million units from 11.1 million units. The new estimate represents a 5 percent drop from the year-ago period.
One concern investors cite is the issue of unlocked iPhones purchased and modified to work outside of AT&T and other official network providers.
Many of the unlocked iPhones have reportedly turned up in China and India, and Apple Chief Operating Officer Tim Cook reassured shareholders that the company would bring the iPhone to those markets officially within the year.
We will enter Asia with the iPhone in 2008 ... We will one day enter China, we're not saying when, and we will one day enter India, Cook said.
Apple also a told investors it does not plan any share buybacks or dividends. It had more than $18 billion in cash.