Apple shares surged Wednesday following news that the company will start selling its iPhone 8 smartphone next month.

The company is expected to begin selling its first iPhone model next month, which is the same date Apple began selling iPhones in the United States.

Apple shares rose as much as 3.4 percent to $155.89 in premarket trading.

The shares have gained 27.4% over the past two months.

The iPhone 8 will feature a 5.7-inch display and be powered by a new Qualcomm Snapdragon 835 processor.

The iPhone 8 is expected not to launch until the second quarter of 2017.

Apple said it plans to sell the iPhone 8 in the U.S. for $200.

Apple said Wednesday it will begin selling the iPhone 9 model at $299.

The new iPhone models will launch in the first half of 2018.

Apple is also expected to launch the Apple Watch in the coming months.