Why Is Apple Stock Soaring Premarket Today?

Shanthi Rexaline

May 03, 2024

Apple Inc. (NASDAQ:AAPL) shares, which have lagged behind the “Magnificent Seven” tech companies recently, are poised for a strong start on Friday after exceeding lowered expectations for its fiscal year 2024 second-quarter results.

Stronger-Than-Expected Results: Cupertino’s Thursday announcement after market close revealed positive news across several key areas:

China revenue decline was lower than anticipated.
Installed device base reached a record high.
June guidance projects mid-single-digit percentage growth.
A massive $110 billion stock buyback plan was announced.
The dividend increased by 6.2%.

Deepwater Asset Management‘s Gene Munster summarized the outlook: “Things get easier for Apple in the back half of the year.” This optimism comes despite Apple’s fifth year-over-year revenue decline in the past six quarters.

AI Focus Uncertain: While CEO Tim Cook expressed bullishness on Generative AI and ongoing investments in the field, specifics about the company’s future AI strategy remain unclear. He hinted at upcoming exciting announcements for customers. CFO Luca Maestri addressed concerns about potential overspending on AI initiatives by suggesting partnerships with third parties.

Price Action: Apple’s stock price climbed 5.90% to $183.24 in premarket trading, according to data from Benzinga Pro.

See Also: Everything You Need You Know About Apple Stock

Photo via Shutterstock

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