Apple Stock Soars After Strong Earnings Report
Wall Street analysts are bullish on Apple after its second-quarter earnings beat expectations.
Shares of the iPhone maker dropped more than 4% Monday after Warren Buffett's Berkshire Hathaway revealed it had sold 91.5 million shares of Apple stock in the first quarter.
Apple Inc. (AAPL) reported strong second-quarter earnings on Tuesday, beating analyst expectations. The company's revenue came in at $97.3 billion, up from $89.6 billion in the same period last year. Net income rose to $25 billion, or $1.52 per share, from $23.6 billion, or $1.40 per share, a year ago.
Apple's strong earnings were driven by strong sales of iPhones, Macs, and services. The company sold 59.6 million iPhones during the quarter, up from 58 million in the same period last year. Mac sales rose to 13.8 million units, from 12.2 million, and services revenue increased to $19.8 billion, from $17.5 billion.
Wall Street analysts are bullish on Apple's stock after its strong earnings report. The average analyst rating on the stock is "buy," and the average price target is $160.
Apple's stock price rose more than 4% in premarket trading on Tuesday.
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