Apple Stock Price Closes at Record High
Shares Rise 5% After Strong Earnings Report
AAPL Hits $200 for First Time
CUPERTINO, Calif. -- Apple Inc. shares closed at a record high on Tuesday, April 26, 2024, after the company reported strong earnings for the second quarter of fiscal year 2024.
The stock rose 5% to close at $200.54 per share, the first time it has ever closed above $200. The previous record high was $195.50, set on January 4, 2024.
"We are very pleased with our performance in the second quarter," said Apple CEO Tim Cook in a statement. "Our revenue and earnings grew strongly across all of our product categories, and we set new records for both iPhone and Mac sales. We also continued to grow our services business, with record revenue from the App Store, iCloud, and Apple Music."
Analysts say the strong earnings report is a sign that Apple is continuing to execute well on its strategy of selling high-quality products and services. They also note that the company is benefiting from the growing popularity of its iPhone and other devices in emerging markets.
"Apple is firing on all cylinders right now," said Gene Munster, an analyst at Loup Ventures. "They're executing well, they're innovating, and they're taking market share. I think they're going to continue to do well for the foreseeable future."
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