Apple shares hold up to tech rout on strong results, metaverse tease
An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photorallied nearly 7% on Friday in its biggest one-day percentage jump in a year and a half after the iPhone maker reported blockbuster results and teased its metaverse ambitions.
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.
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