Apple stock surges, on pace for its best day since 2020
Summary
Apple stock rose more than 7% on Friday after reporting September quarter earnings that modestly beat expectations on revenue and profit and showed global demand for its premium hardware remains high. The surge comes after a mixed week of Big Tech earnings, in which Meta and Alphabet showed signs of weakness caused by macroeconomic conditions hurting the digital ad market. Although Apple signaled some slowing growth in the current quarter, and weakness in its profitable services business, analysts were generally positive about the companys results. While Apples results werent much stronger than what Wall Street expected, the company increasingly looks like a safe haven for investors seeking quality stocks to weather a potential recession as interest rates rise. He said the resilience in Apples quarter was noteworthy because the company continues to grow sales even against tough macroeconomic factors like a strong dollar, all while keeping its margins high.
Classifications
AskAI Classifications
LabelsLinked Companies
