Why Is Apple Stock So High Today?

Apple (AAPL) is looking to take back possession of its shares as it offers an unprecedented $110 billion share buyback program.

The company’s stock rose 7.3% in response, and it is sensible to expect the stock to continue to climb in the coming days. Apple recently saw a stock decline around the middle of last month, but since the beginning of May, its stock has shot up dramatically.

Apple’s Great Earnings Report

The iPhone manufacturer released its Q2 earnings report on Thursday, declaring a $1.53 increase per share on stock off the back of $90.8 billion in revenue. These numbers are slightly higher than estimates, and that helped the stock price climb slightly as well.

Over on the Chinese side of the company’s business, there was an 8% decline in revenue, which includes Singapore, Hong Kong, Taiwan, and China sales. That decline resulted in $16.37 billion in sales in those areas, which was also above analyst expectations.

How much did Apple make in iPhone sales alone? That is their most important department, and they brought in $45.96 billion. Now, that is a decrease from where they were last year at this time, with 2023 Q2 revenue for iPhones at $51.33 billion.

Apple’s Outlook for 2024

Apple has definitely turned things around for themselves with this earnings report, despite not all the numbers being overly positive. They were down 10% from the start of the year until the Q2 report hit, so there is every expectation that they will continue to go strong in the short term.

Apple conducted an earnings call recently where it expected to grow for the upcoming quarter but only in single digits. However, if inflation starts to look better, we may see them beat expectations once again. Apple has new products to show off this year as well, with many of them to be revealed at Worldwide Developers Conference in June.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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