Why Apple Shares Are Rising Today

Apple Inc (NASDAQ: AAPL) is trading higher Friday morning after the company announced better-than-expected fiscal first-quarter financial results. 

Apple reported quarterly earnings of $2.10 per share, which beat the $1.88 estimate. The company reported quarterly revenue of $123.9 billion, which beat the estimate of $118.28 billion.

• iPhone revenue: $71.62 billion 
• Mac revenue: $10.85 billion
• iPad revenue: $7.248 billion
• Wearables and accessories revenue: $14.7 billion
• Services revenue: $19.516 billion

"The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices," said Luca Maestri, CFO of Apple.

See Also: Apple's Q1 Results A 'Major Statement Of iPhone/Services Demand': Analyst

Analyst Assessment: Several analysts weighed in on the stock following Apple's quarterly results:

• Barclays analyst Tim Long maintained Apple with an Equal-Weight rating and raised the price target from $145 to $169.
• UBS analyst David Vogt maintained Apple with a Buy rating and raised the price target from $175 to $185.
• Raymond James analyst Chris Caso maintained Apple with an Outperform rating and raised the price target from $185 to $190.
• Morgan Stanley analyst Katy Huberty maintains Apple with an Overweight rating and raised the price target from $200 to $210.
• Deutsche Bank analyst Sidney Ho maintained Apple with a Buy rating and raised the price target from $200 to $210.

Commenting on the metaverse in response to an analyst question during the call, Apple CEO Tim Cook said "we see a lot of potential in this space and are investing accordingly."

AAPL Price Action: Apple has traded as low as $116.21 and as high as $182.94 over a 52-week period.

The stock was up 3.22% at $164.37 at time of publication.

Photo: courtesy of Apple.