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Apple (AAPL) +7% on Q4 blowout, metaverse investment
Apple (AAPL) shares climbed 7% on Friday after the tech giant delivered an impressive Q4 report and excited investors with plans for the metaverse.
Apple’s (AAPL) blowout Q4 report and plans to invest in the metaverse earned the tech giant its biggest one-day share jump for a year on Friday as it closed 7% higher on the Nasdaq.
After Thursday’s close, Apple hit all the right notes with its latest quarterly update, with a 25% spike in earnings per share of $2.10 versus the $1.89 estimates just one of the highlights.
Revenue also climbed 11% to $123.9bn to easily surpass the $118.66bn expectations, while gross margins rose to 43.8% against the 41.7% consensus.
Investors were impressed with those numbers, but it was CEO Tim Cook’s comments about the metaverse that ignited enthusiasm on Friday.
Cook said that Apple “sees a lot of potential in this space” and that it is “investing accordingly”, with plans to increase the number of AR apps in the App Store from the current total of 14,000.
The Cupertino-based company’s services division grew by 25% to $19.52bn in Q4 and reported a total of 785 million subscribers across services including Apple TV+ and Apple Music.
The current quarter looks promising for Apple after Cook said that revenue should grow at a “solid” pace and that many of the supply chain problems it had run into are now easing.
Reacting to that news, Third Bridge analyst Scott Kessler noted: “Apple is known for its supply-chain prowess and many wonder about the actions Apple has taken and will take to better position itself for this calendar year.”
Apple shares have slumped in recent weeks amid a broader tech sell-off, but they were up on Friday, closing 7% up at $170.33.
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