Apple Stock Surges on Strong Earnings

Company Reports Record Sales, Profits

Analyst Recommend Buying Stock

Cupertino, CA - Apple Inc. (AAPL) reported record sales and profits in the second quarter of 2023. The company's revenue reached $123.9 billion, a 2.2% increase from the same period last year. Net income was $31.6 billion, up 2.7% from the previous year. The company's earnings per share were $1.88, beating analysts' expectations of $1.85.

The strong earnings results were driven by strong demand for the company's iPhone, iPad, and Mac products. The company's iPhone revenue grew by 2.4% to $65.6 billion, while the iPad revenue increased by 2.6% to $11.6 billion for the quarter. Mac revenue rose 3.4% to $10.1 billion.

The company's services business also performed well, with revenue increasing by 3.3% to $20.8 billion. The growth in the services business was driven by strong demand for the company's App Store, iCloud, and Apple Music services.

The strong earnings report has led analysts to recommend buying the company's stock. In a research note, Wall Street analyst Gene Munster said, "Apple's earnings report was a solid beat, and we believe the company has more room to grow." Munster has a buy rating on the stock with a target price of $175.

Apple shares climbed more than 2% in after-hours trading following the earnings report.