Apple announced in its quarterly earnings report Tuesday that it’s in good shape as it heads into the fall, when the firm is expected to release its next models of its iconic smartphone. That includes a rumored 10th-anniversary edition of the smartphone – an “iPhone 8” or “iPhone X” – with an all-new design and a price that could top $1,000.

It would have taken a pretty big miss to refocus analysts’ attention on anything but the new phone. But investors seemed pleasantly surprised by the results. In the minutes after the report, shares rose sharply – more than 5 percent from its closing price of $150.05.

The tech giant beat expectations for both revenue and profit, reporting $8.7 billion in earnings ($1.67 per share) on $45.4 billion in revenue. Analysts had expected earnings of $1.57 per share on $44.9 billion in revenue.

The firm also reported that it sold 41 million iPhones, up slightly from the same period last year when sales hit 40.4 million – a welcome increase, as analysts and others have noted a sales drop-off for iPhones as consumers wait for the next big thing.

Reports based on leaks from Apple’s supply chain indicate that the high-end phone will have an edge-to-edge, super-sharp OLED screen and may have a fingerprint reader embedded in the glass. Other models may keep Apple’s current LCD screen. A recent leak that originated from Apple itself (through its documentation for its upcoming HomePod speaker) indicates that its next phones may also have wireless-charging, fast-charging and facial-recognition capabilities.

But a completely redesigned model of the iPhone may come with a downside: delays. OLED screens, in particular, are difficult to manufacture. Some worry Apple will be unable to keep up with demand for the phone.

Analysts were closely eyeing Apple’s projections for the next quarter to try to determine how the company is thinking about its short-term future. The company said it expects to make between $49 billion and $52 billion in its next, crucial sales quarter.

Experts say Apple’s future depends a lot on this next generation of iPhones, as the smartphone industry faces slower growth and higher competition. Sales of the iPhone have been somewhat disappointing for several quarters, as consumers save their dollars for the new, redesigned model.

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