Here's Why Apple Stock Soared Today
Shares of Apple (NASDAQ: AAPL) jumped 7.6% on Friday after the technology titan's sales and profits exceeded investors' expectations.
Apple's revenue rose 8% year over year to $90 billion in its fiscal 2022 fourth quarter ended Sept. 24. The tech leader's growth would have been even more impressive had the U.S. dollar not appreciated so sharply against many international currencies. "We would have grown in double digits without the foreign exchange headwinds," CEO Tim Cook said in an interview with CNBC.
Apple was able to generate gains in its most important business segments, even as the overall personal computer and smartphone markets experienced sharp downturns amid steep declines in consumer demand. Mac sales surged 25% to $11.5 billion. iPhone revenue increased by 10% to $42.6 billion. And Apple's high-margin services segment managed to grow by 5%, to $19.2 billion.
Source Fool.com
