Apple’s stock surged nearly almost 5% on Friday, hitting a nine-month high and on track for its biggest one-day gain since November after the world’s most valuable company posted quarterly results that cheered investors worried about a looming recession.
The world’s most valuable company reported lower revenue and profits for the quarter ending April 1, but still beat analysts’ expectations. With Apple’s results helped by emerging markets like India, executives said gross profit margins for the current quarter would be better than forecast.
Apple’s stock market value climbed by over $100 billion to about $2.7 trillion, extending its lead over Microsoft, the world’s second most valuable company, at $2.3 trillion.
Last trading at $173.48, the Cupertino, California company’s shares were set to log their biggest one-day gain since Nov. 30. They were just short of a peak of over $176 last August.
MacDailyNews Takee: Apple’s all-time high closing price was $180.68 set on January 3, 2022.
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