Apple stock price soars 8% as Q4 earnings help drive market rebound - Business Insider

• Apple soared 8% connected Friday pursuing the merchandise of its better-than-expected fourth-quarter net report.
• The iPhone shaper added $178 cardinal successful marketplace worth connected Friday and helped thrust a beardown rebound successful the banal market.
• "Apple saves the marketplace from large tech meltdown," Louis Navellier said successful a Friday note.

Apple banal soared much than 8% connected Friday aft it reported better-than-expected fourth-quarter earnings results.

The surge added $178 cardinal to Apple's marketplace capitalization and helped thrust an awesome rebound successful the broader banal market, with the Dow Jones, Nasdaq 100, and S&P 500 each surging much than 2% successful day trades.

The boost was overmuch needed fixed that each different mega-cap tech companies disappointed investors considerably this week pursuing their respective net reports. Meta plunged much than 20%, Amazon fell astir 10%, portion Alphabet and Microsoft saw mid-single digit declines.

Here were the cardinal numbers from Apple's Q3 net report:

Revenue: $90.15 billion, versus expert estimates of $88.64 billion
Earnings per share: $1.29, versus expert estimates of $1.26
iPhone revenue: $42.63 billion, versus expert estimates of $42.67 billion

The large disappointment successful Apple's net results were services revenues generated from subscriptions similar Apple TV+ and Apple Music, with the concern generating gross of $19.19 cardinal successful the 4th compared to estimates of $19.97 billion.

Additionally, Apple CEO Tim Cook warned investors that its upcoming vacation 4th should spot decelerated maturation arsenic it deals with pugnacious comparables from the year-ago quarter.

But Wall Street remains upbeat connected Apple, particularly aft a week of disappointing results from its mega-cap tech peers.

"Apple bushed apical and bottom, present results that gave investors assurance that the satellite has not changed wholly for tech," concern manager Louis Navellier said successful a Friday note.

And Wedbush expert Dan Ives thinks Apple tin shingle disconnected the weakness successful its services part during the upcoming quarters, particularly if the US dollar halts its ongoing surge.

"Services was a spot anemic connected currency, App Store softness, and the wide macro but should reaccelerate (ex currency) into the December/March quarters which is cardinal for this halfway gross watercourse that should attack $90 cardinal successful yearly gross by 2024," Ives said.

"Given the cleanable tempest of currency/macro this quarter, we would qualify Apple's results and commentary astir the December 4th arsenic nett bullish astir underlying request and assistance propulsion retired the sound that iPhone 14 upgrades are slowing successful this cycle. The Pro premix which we presumption arsenic astir 80% is an uplift for mean selling prices and [a] cardinal affirmative dynamic heading into FY23," Ives said.

Ives reiterated an "Outperform" standing connected Apple and lowered his terms people to $200 from $220 to bespeak a little valuation multiple.