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The
Cupertino, California company's gain reduced some of the losses
it has suffered in recent weeks during a broad selloff in growth
and technology stocks.
The world's largest company by market value raked in sales of
nearly $124 billion and profit of $34 billion, showcasing its
ability to navigate a global supply crunch during the crucial
holiday quarter.
"Apple is known for its supply-chain prowess and many wonder
about the actions Apple has taken and will take to better
position itself for this calendar year," Third Bridge analyst
Scott Kessler said.
Apple also teased its metaverse ambitions as Chief Executive Tim
Cook talked of the company investing in the expansion https://www.reuters.com/technology/apple-teases-metaverse-ar-plans-stock-jumps-2022-01-28
of its library of 14,000 augmented reality apps, prompting
strong investor response.
At least 11 brokerages raised their price targets for the stock,
bringing the median price target to $188.5, according to
Refinitiv data. The stock ended Friday at $170.33.
With the Federal Reserve preparing to raise U.S. interest rates,
Apple's stock has been under pressure this year from a tech
sector selloff, which also hit giants like Alphabet Inc and
Microsoft Corp.
Following its quarterly report, Apple on Friday was the top
contributor to a rally in the S&P 500 and Nasdaq.
Apple's stock remains down 4% so far in 2022.
"Still a lot of uncertainty about the tech sector, which remains
very expensive and with the Fed overhang of possible further
hawkish surprises," said Andrea Cicione, head of strategy at TS
Lombard.
(Reporting by Akash Sriram, Subrat Patnaik, Susan Mathew and
Medha Singh in Bengaluru; Additional reporting by Noel Randewich
in Oakland, California; Editing by Arun Koyyur and David
Gregorio)
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