Apple stock is rising, on track for its best day since 2020

Apple CEO Tim Cook visits the Apple Fifth Avenue store to launch the Apple iPhone 14, New York City, September 16, 2022.

Andrew Kelly | Reuters

apple The stock rose more than 7% on Friday after Reporting quarter earnings in September Which modestly exceeded expectations on revenue and profits and showed that global demand for its premium devices remains high.

If it continues until close, it will be the best day for Apple stocks since April 2020. Apple was the second best performing stock in the Dow Jones industrial index behind it. Intel Corporation Friday.

The increase comes after a mixed week of earnings for major tech companies, as dead And the the alphabet It showed signs of weakness stemming from the macroeconomic conditions that have hurt the digital advertising market. Alphabet Stock is up less than 3% and the Meta Index is up less than 1% on Friday. Both had big hits earlier in the week.

Amazon stock fell 9 percent on Friday After giving poor guidance for a quarter of the holiday.

Although Apple noted some sluggish growth in the current quarter, and weakness in its profitable services business, analysts were Generally positive about the company’s results.

Apple’s sales grew 8% during the September quarter, while maintaining its sales corona virus disease pandemic The quarterly growth streak is alive.

The company’s Mac business grew by 25% even as PC sales from other brands from around the world declined.

Apple noted that demand for premium computers and phones remains strong.

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While Apple’s results weren’t much stronger than Wall Street expected, the company increasingly Seems like a safe haven for investors Look for high-quality stocks to counteract a possible recession with rising interest rates.

“Sometimes the immediate results are more exciting,” JPMorgan analyst Samik Chatterjee wrote in a note on Friday.

He said the resilience in Apple’s quarter was noteworthy because the company continues to grow sales even under challenging macroeconomic factors like a strong dollar, while keeping its margins high.

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