Apple stock price rises on strong earnings report

Cupertino, Calif. - Apple Inc. reported strong earnings for the fourth quarter of its fiscal year 2023, sending its stock price up more than 3% in after-hours trading.

The tech giant reported earnings per share of $1.88 on revenue of $123.9 billion, both of which beat analyst expectations. Apple's strong performance was driven by strong sales of its iPhone, Mac, and iPad products.

Apple's iPhone sales rose by 9% year-over-year to $65.78 billion, with strong demand for the iPhone 14 Pro and iPhone 14 Pro Max models. Mac sales also rose, increasing by 25% year-over-year to $11.51 billion as consumers continued to upgrade to the new M2-powered Macs. iPad sales were flat, with revenue of $7.25 billion, as the company faced supply chain challenges.

Despite the strong results, Apple's stock price has been volatile in recent months due to concerns about a potential recession and slowing demand for its products. However, the strong earnings report has eased some of these concerns and sent the stock price higher.

Analysts are generally positive on Apple's stock, with many expecting the company to continue to perform well in the future. Apple has a strong track record of innovation and a loyal customer base, which should help it to weather any potential economic downturn.