Apple shares maintain as much as tech rout on robust outcomes, metaverse tease


By Akash Sriram and Subrat Patnaik

FILE PHOTO: An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City

© Reuters/Mike Segar
FILE PHOTO: An Apple emblem hangs above the doorway to the Apple retailer on fifth Avenue within the Manhattan borough of New York Metropolis

(Reuters) – Apple Inc shares rose practically 3% on Friday after the iPhone maker reported blockbuster outcomes and teased its metaverse ambitions, holding out towards a rout in know-how and development shares from the beginning of this 12 months.

If the premarket positive aspects maintain, the iPhone maker’s inventory would snap an eight-day shedding streak in its try and get well from what’s shaping as much as be its worst month-to-month efficiency since September 2020.

The world’s largest firm by market worth raked in gross sales of practically $124 billion and revenue of $34 billion – showcasing its potential to navigate a worldwide provide crunch through the essential vacation quarter.

“It is price noting that Apple is thought for its supply-chain prowess and lots of surprise in regards to the actions Apple has taken and can take to higher place itself for this calendar 12 months,” Third Bridge analyst Scott Kessler stated.

Video: Daiwa Is ‘Constructive’ on Apple Shares, ‘Cautious’ on Intel, Analyst Says (Bloomberg)

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Apple additionally teased its metaverse ambitions as Chief Government Tim Prepare dinner talked of the corporate investing within the enlargement of its library of 14,000 augmented actuality apps, prompting robust investor response.

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Not less than 11 brokerages raised their worth targets for the inventory, bringing the median worth goal to $188.5, in line with Refinitiv information.

Apple’s inventory has been below strain this 12 months from fee hike-driven tech sector selloff, which has additionally hit giants like Alphabet Inc and Microsoft Corp.

However following the quarterly outcomes, Apple bucked the development to turn into one of many uncommon gainers among the many tech-heavy Nasdaq 100 index’s constituents earlier than the bell.

“Nonetheless a variety of uncertainty in regards to the tech sector, which stays very costly and with the Fed overhang of doable additional hawkish surprises,” Andrea Cicione, head of technique at TS Lombard. (Graphic: Apple hits $3 trillion-dollar mark, then dips amid Fed jitters,

(Reporting by Akash Sriram, Subrat Patnaik, Susan Mathew and Medha Singh in Bengaluru; Enhancing by Arun Koyyur)