Shares of Apple Inc. (NASDAQ: AAPL) surged 4.69% following better-than-expected quarterly results.
Investors across Wall Street are breathing a sigh of relief as Apple’s quarterly results have provided a boost of optimism amidst concerns of a potential recession. Apple’s stock surged 4.69% on Friday after beating analysts’ expectations despite reporting lower revenue and profits for the quarter ending April 1.
After CEO Tim Cook announced Apple’s quarterly results late on Thursday, the optimism spread throughout Wall Street and had a ripple effect on the stock market. The rally in Apple’s shares boosted the S&P 500 and Nasdaq by more than 1.5%. The results highlighted the strength and resilience of corporate earnings during a quarterly reporting season that has been less bad than anticipated.
Apple’s market value has now surpassed $2.7 trillion, extending its lead over Microsoft, the world’s second most valuable company at $2.3 trillion. The stock is now only 4.7% below its record high close in January 2022, having rebounded almost 40% from its closing low in January.
Emerging markets such as India have contributed to Apple’s strong performance, with executives predicting better gross profit margins for the current quarter than originally forecast. Refinitiv data reveals that over 13 analysts have increased their price targets for Apple’s stock following the release of earnings report. The median target for the stock price has now increased from $170 to $180.
Larry Norris is a journalism graduate with keen interest in covering news – specifically top trending. He has as a keen eye for technologies and has predicted quite a few successful startups over the last couple of years. Larry goal with this website is to report accurately on all kinds of stock news, and have a great deal of passion for technical and active reporting. Larry is diligent and proactive when it comes to news reporting.
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