6% Surge For Apple Following Positive Earnings!

Apple Inc. has managed to carve out a silver lining in its latest financial performance, with iPhone sales witnessing a 2.8% increase despite a general downturn in hardware sales. This growth stands in stark contrast to the significant declines in Mac and iPad sales, with Mac sales plummeting by nearly 34% over the year, highlighting the fierce competition and shifting consumer preferences in the tech industry.

On the financial front, Apple's revenue dipped slightly to $89.50 billion, a 1% decrease. However, the company's net income tells a more positive story, surging by 11% to $22.96 billion. The Q4 earnings report brought more good news, with earnings per share reaching $1.46, comfortably beating the $1.31 estimate and fueling a 1% gap up in stock price at market open, followed by a 2% rise at close.

Despite a tumultuous journey with a 16% drop from a July peak of $198, Apple's stock has rallied 36% over the year. The stock found support at the weekly 50 simple moving average in October and has since rebounded with a 4% rise in November, now 6% above the October low. Looking ahead, the stock faces a critical test at the $182 resistance level, which if breached, could set the stage for a new all-time high.

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