Apple Stock Price Surges on News of iPhone Sales

AAPL Soars After Strong Earnings Report

iPhone Sales Beat Expectations, Driving Stock Higher

Apple Inc. (AAPL) stock surged on Thursday after the company reported strong earnings for the fourth quarter of 2023. The stock rose over 5% in morning trading, reaching a new all-time high of $165.42. The gains were driven by better-than-expected iPhone sales, which helped the company beat analysts' estimates for revenue and earnings per share.

For the quarter, Apple reported revenue of $130.5 billion, up 8% year-over-year. iPhone sales were particularly strong, with the company selling 86.7 million units during the quarter. This was above the consensus estimate of 85 million units and a significant increase from the 76.4 million units sold in the same quarter last year.

Apple's strong earnings report is a sign of the continued strength of its iPhone business. The iPhone remains the company's flagship product and a major driver of its overall revenue and profitability. The strong sales in the fourth quarter suggest that Apple is continuing to execute well in this key market.

In addition to the strong iPhone sales, Apple also reported growth in its other businesses. The company's services business, which includes iCloud, Apple Music, and the App Store, grew 14% year-over-year to $20.8 billion. The Mac business also grew, with revenue increasing 25% year-over-year to $11.5 billion.

Apple's strong earnings report is a positive sign for investors. The company continues to execute well in its core businesses and is well-positioned for continued growth in the future.