Apple Stock Soars on Positive Earnings Report

Record-breaking quarter drives stock to new heights

Company exceeds expectations, sending stock price up

CUPERTINO, Calif. (AP) — Apple Inc.’s stock price surged more than 30% on Friday after the company released a strong earnings report for the first quarter of its fiscal year. The tech giant’s stock closed near a record high, driven by better-than-expected sales of iPhones, Macs, and services.

According to the report, Apple’s revenue reached $123.9 billion in the quarter, exceeding analysts’ predictions by nearly $10 billion. The company’s net income also surpassed expectations, reaching $34.6 billion. This represents a significant increase compared to the same period last year, when Apple reported revenue of $111.4 billion and net income of $28.7 billion.

The strong financial performance was attributed to several factors, including the continued popularity of the iPhone 13 series, strong demand for the new MacBook Pro and AirPods products, and the growth of the company’s subscription services, including Apple Music and iCloud.