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Apple stock soars after its huge earnings beat

Kif LeswingFeb 2, 2017, 02:34 IST

Drew Angerer/Getty Images

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

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.

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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.