Apple’s Stock Continues its Rally Post Q3 2017 Results

Following the company's earnings, Apple's market cap has increased by $56 billion in just seven days.

apple

It’s been a week since Apple (NASDAQ:AAPL) reported its Q3 earnings for the quarter ended July 1, 2017 and its stock price is still riding a high from the results.

Since August 2–the day after the company released its results–shares of Apple have increased 7.08 percent to reach $160.08 at the close on Tuesday (August 8).

MarketWatch reported on Tuesday that the company has returned to its “record setting ways” as its market cap has increased by $56 billion since reporting its earnings. The article continued, stating that Apple’s stock rally on Tuesday was “enough to make it the best percentage gainer among Dow Jones Industrial Average components.”

Tech Forecast and Promising Tech Stocks To Buy in 2017

Learn about breakthrough technology about to impact lives around the globe. We cover the entire industry in our FREE investor’s report.   Gain Access

In the company’s announcement, it states that it had recorded quarterly revenue of $45.4 billion , and quarterly earnings per diluted share of $1.67, while international sales represented roughly 61 percent of the quarter’s revenue.

“With revenue up 7 percent year-over-year, we’re happy to report our third consecutive quarter of accelerating growth and an all-time quarterly record for Services revenue,” Tim Cook, Apple’s CEO said in the release.

With how well, Apple’s share price has performed since announcing its earnings, faith has been restored in the company for some analysts who just a week ago said to CNBC that “Apple’s rally had temporarily stalled.”

Case in point, Todd Gordon, founder of TradingAnalysis.com, has come around from his above-noted comment and said on CNBC’s “Trading Nation” that the tech giant is “performing quite well post-earnings.”

“We saw a little bit of a sell-off post that really nice earnings gap,” he said in the interview. Gordon continued, stating that the rally is likely to continue.

“We were unable to close that gap, which usually suggests underlying strength in the stock,” he said. “It looks like Apple is clear to move up into the $160s.”

Year-to-date, shares of Apple have increased 38.21 percent. With the highly-aniticpated launch the iPhone 8 sometime in September, the company’s stock rally should no doubt continue.

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Tech Forecast and Promising Tech Stocks To Buy in 2017

Learn about breakthrough technology about to impact lives around the globe. We cover the entire industry in our FREE investor’s report.   Gain Access

Get the Latest Mobile Web Investing Stock Information

Get the latest information about companies associated with Mobile Web Investing delivered directly to your inbox.

Mobile Web
Other Companies

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

Tech Forecast and Promising Tech Stocks To Buy in 2017

Learn about breakthrough technology about to impact lives around the globe. We cover the entire industry in our FREE investor’s report.   Gain Access
Comments

Leave a Reply