Apple Inc (NASDAQ:AAPL) is trading higher Friday morning after the company announced better-than-expected fiscal first-quarter financial results.
Apple reported quarterly earnings of $2.10 per share, which beat the $1.88 estimate. The company reported quarterly revenue of $123.9 billion, which beat the estimate of $118.28 billion.
- iPhone revenue: $71.62 billion
- Mac revenue: $10.85 billion
- iPad revenue: $7.248 billion
- Wearables and accessories revenue: $14.7 billion
- Services revenue: $19.516 billion
"The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices," said Luca Maestri, CFO of Apple.
See Also: Apple's Q1 Results A 'Major Statement Of iPhone/Services Demand': Analyst
Analyst Assessment: Several analysts weighed in on the stock following Apple's quarterly results:
- Barclays analyst Tim Long maintained Apple with an Equal-Weight rating and raised the price target from $145 to $169.
- UBS analyst David Vogt maintained Apple with a Buy rating and raised the price target from $175 to $185.
- Raymond James analyst Chris Caso maintained Apple with an Outperform rating and raised the price target from $185 to $190.
- Morgan Stanley analyst Katy Huberty maintains Apple with an Overweight rating and raised the price target from $200 to $210.
- Deutsche Bank analyst Sidney Ho maintained Apple with a Buy rating and raised the price target from $200 to $210.
Commenting on the metaverse in response to an analyst question during the call, Apple CEO Tim Cook said "we see a lot of potential in this space and are investing accordingly."
AAPL Price Action: Apple has traded as low as $116.21 and as high as $182.94 over a 52-week period.
The stock was up 3.22% at $164.37 at time of publication.
Photo: courtesy of Apple.
