What you need to know
- Apple's share price has climbed almost 7% in one day.
- AAPL rose 11 points to $170 following Apple's stunning Q1 earnings announcement.
- The company celebrated nearly $124 billion in revenue.
Apple's share price soared some 7% to $170 in a single day on Friday, following the news that Apple earned $124 billion in revenue in Q1.
Apple's share opened strongly at $165, having climbed almost 5% in pre-market trading ahead of the bell. As iMore reported Friday:
Shares stabilized and fell slightly in the opening hour of trading but by 10 am the price had recovered those gains, continuing to rise steadily and closing at $170.33. That marks a single-day gain of 11.11 points or 6.98%. It also means that Apple added an absolute fortune to its market cap, which climbed from 2.612T to 2.795T in a single day.
As noted by CNBC, the gain means that Warren Buffet's Berkshire Hathaway holdings grew in value by almost $10 billion in one day. The fund owns almost 888 million Apple shares, more than 5% of Apple's total stock.
Apple's share price and market outlook were buoyed by a stunning Q1 earnings call on Thursday, as the company revealed it had turned over some $124 billion in revenue and a quarterly profit of $34.6 billion. Apple hailed growth across every single one of its product lines including its best iPhones thanks to the iPhone 13. Only iPad did not grow due to supply constraints.
Not only did Buffet and all of Apple's other shareholders see their portfolios grow, but they can also expect a pretty handsome dividend of $0.22 per share.
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Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.
Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9