Apple Stock Soars After Earnings Beat

Record Revenue and Profits Drive Strong Performance

Cupertino, California – January 27, 2023

Apple Inc. (AAPL) reported record revenue and profits for the fiscal first quarter of 2023, driving its stock price to a new all-time high in after-hours trading.

The tech giant reported revenue of $123.9 billion for the quarter, up 8.1% from the same period last year. Net income surged 13.1% to $34.6 billion, or $1.88 per share.

Apple's strong performance was fueled by robust demand for its iPhone, Mac, and Services businesses. iPhone sales increased by 5.5% year-over-year to $65.6 billion, driven by the popularity of the new iPhone 14 series. Mac revenue grew by 2.5% to $11.5 billion, as consumers continued to upgrade to newer models.

Apple's Services business, which includes the App Store, iCloud, and Apple Music, also performed well, generating $20.8 billion in revenue, an increase of 6.4% from the previous year.

"We are incredibly excited to report our highest revenue ever and a significant increase in year-over-year net income," said Tim Cook, Apple's CEO. "Our record performance was driven by double-digit growth in all our product categories and a new all-time high for our Services business."