Australian shares are expected to rise on Wednesday, with tech giant Apple leading the charge after its strong earnings report.

Australian shares are expected to rise on Wednesday, with tech giant Apple leading the charge after its strong earnings report.

The market is expecting a positive start to the day following Apple's better-than-expected earnings results. The tech giant posted quarterly revenue of $64 billion, up from $52.5 billion a year ago, and quarterly profit of $13.6 billion, up from $11.5 billion a year ago.

This is good news for Australian investors as Apple is one of the largest companies listed on the ASX. Imugene also announced it will be raising $80 million in an institutional placement, giving it a pro-forma cash position of $175 million on completion of the placement.

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Australian shares to rise on Wednesday, led by Apple.

Strong earnings report from tech giant.

Apple Inc. (AAPL) is one of the world’s largest technology companies by revenue and market capitalization. On Tuesday, the company reported its fiscal second-quarter results for the period ended March 31, 2021. Revenue came in at $89.58 billion, up 54% year over year, while gross profit margin was 44.1%, up from 38.9% in the year-ago quarter. Operating income was $32.91 billion, up 83% year over year, while net income was $23.63 billion, up 77% year over year. EPS came in at $1.40, up 78% year over year and well ahead of analyst expectations of $0.98 per share.

The company’s strong performance was driven by growth in its iPhone, Mac, and Services businesses. iPhone revenue was $47.94 billion, up 65% year over year, while Mac revenue was $9.10 billion, up 70% year over year. Services revenue grew 24% to a record $16.91 billion on the back of strong growth in Apple Music and iCloud storage subscriptions as well as App Store sales."

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Imugene to raise $80 million in institutional placement.

Discounted share price of 20¢.

Imugene (ASX:IMU) will raise $80 million through an institutional placement to fund the clinical development of its cancer immunotherapy programs and for working capital.

The Placement was conducted at an issue price of $0.20 per New Share, a 15% discount to the last closing price prior to the announcement.

This represents a pro-forma cash position of $175 million on completion of the Placement.

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Pro-forma cash position of $175 million on completion of placement.

pro-forma cash position of $175 million on completion of placement.

Completion of Placement

Subsection 3.2 Use of Proceeds

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Apple's strong earnings report is expected to lead to a rise in Australian shares on Wednesday. Imugene is also set to raise $80 million in an institutional placement, which will bolster its cash position. These positive developments bode well for the future of the Australian economy and provide investors with opportunities to profit.

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