Why Apple Stock Climbed Today
Shares of Apple (NASDAQ: AAPL) rose more than 3% on Friday after the technology titan reported third-quarter profits Thursday that surpassed Wall Street's expectations.
Apple's net sales grew by 2% to a whopping $83 billion in its fiscal 2022 third quarter, which ended June 25. The gains came even as inflation forced many consumers to pare back their discretionary spending and supply chain disruptions resulted in shortages of key components.
Apple's iPhone business proved particularly resilient. Sales of the popular smartphone increased by 3% to $40.7 billion. During a conference call with analysts, CEO Tim Cook said the iPhone continues to please Apple loyalists while also enticing more people to ditch their Android-powered devices.
Source Fool.com
