Why did Apple shares rise nearly 8% on Friday? It's a 'Rock of Gibraltar' in big tech
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Apple (NASDAQ:AAPL) put in a strong performance Friday, as its shares climbed almost 8% on the back of better-than-expected quarterly results led by sales of iPhones and services.
Dan Ives, of Wedbush, said that Apple (AAPL) proved to be "the one bright spot" in an otherwise "horror show week" for earning from big tech companies. That "horror show" included depressing results and forecasts from Facebook parent Meta Platforms (META), Alphabet (GOOG), Microsoft (MSFT) and Intel (INTC), which cut its full-year revenue outlook and said job cuts were in the works.
For its part, Apple (AAPL) on Thursday reported a fiscal fourth-quarter profit of $1.29 a share on $90.1B in revenue. Wall Street analysts had previously forecast Apple (AAPL) to earn $1.27 a share on sales of $88.8B. Those results included $42.6B in iPhone sales, and $19.2B in revenue from the company's services business.
Apple (AAPL) didn't give a precise earnings or revenue forecasts for its current fiscal first quarter. However, Ives called Apple (AAPL) "a Rock of Gibraltar" and "a clear standout" among big tech companies going into the end of the year.
Wall Street analysts have a consensus buy rating on Apple's (AAPL) stock, while Seeking Alpha authors peg the company's shares at hold. Seeking Alpha's quant system, which historically outperforms the stock market, gives Apple (AAPL) a hold rating.