Why Apple Stock Rallied Friday Morning
Shares of (NASDAQ: AAPL) are ending the week on a high note, gaining as much as 5.1%. As of 10:53 a.m. ET, the stock was still up 4.8%.
The broader market was solidly in rally mode, which no doubt contributed to tech giant's rise. However, the biggest news was Apple's quarterly results, which were far better than many feared.
In its fiscal second quarter (ended April 1), Apple generated revenue of $94.8 billion, down 3% year over year, resulting in earnings per share (EPS) of $1.52, level with the year-ago period. Apple shareholders breathed a sigh of relief, having feared the combination of high inflation, rising interest rates, and continued economic uncertainty would have weighed more heavily on sales.
Source Fool.com
Apple Inc. Stock
€159.86
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