Apple stock soars after its huge earnings beat

Advertisement

Tim Cook

Drew Angerer/Getty Images

Wall Street certainly liked Apple's first fiscal quarter earnings.

Advertisement

Apple stock was up about 6.13% on Wednesday, finishing the regular trading session at $128.79, the day after the company reported a huge beat.

That means that Apple's market capitalization rose by about $35 billion on Wednesday - just about Ebay's entire value, to put it in perspective.

Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

Apple said on Tuesday that iPhone sales grew for the first time in a year, and also reported revenue of $74.8 billion, a record for the company. In response, several Wall Street analysts, including those at Pacific Crest, RBC Capital Markets, and Oppenheimer & Company, raised price targets for the company.

Apple is currently at a 52-week high.

Advertisement

Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!