Apple Inc. (AAPL) Stock on a Rise, Here’s Why

Apple Inc. (AAPL), a company that designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, has surged 4.44% in the premarket trading sessions and consequently is trading at $166.29 at the time of the writing. During Thursday’s regular trading session, the stock slightly declined by 0.29% and closed the day at $159.22. The surge in premarket could be attributed to the announcement of financial results.

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AAPL Q1 2022 Operational Results

In late hours of Thursday, AAPL released the operational results for first quarter of fiscal year 2022. The quarter ended on 25th December 2021. The company generated net sales of $123.9 billion during the quarter against $111.4 billion for the same period of 2020. The total operating expenses for the three month period were $12.7 billion against $10.7 billion for the same three month period of 2020. The net income generated by the company during the period was $34.6 billion (or $2.11 and $2.10 per basic and diluted share respectively) against the net income of $28.7 billion (or $1.70 and $1.68 per basic and diluted share) for the same period of 2020.

Financial Results

Alongside, AAPL also released the financial metrics the company had on 25th December 2021. The company had cash and cash equivalents of $37.1 billion on 25th December. The total current assets in possession of the company on the said date were $153.1 billion, while the total assets were estimated to be $381.1 billion. The current liabilities payable by the company on the said date were $147.5 billion, while the total liabilities were calculated to be $309.2 billion. The total shareholders’ equity on 25th December was $71.9 billion.

Executive Commentary

Tim Cook, CEO of AAPL, while commenting on the aforementioned results said that the quarterly results were made possible by the company’s innovative line of products and services. The company is exuberant to see the response from customers around the world. It is doing well to help build a better world and to make progress toward its goal of becoming carbon neutral by the year 2030. The company is also pushing forward with its work in education and racial equity and justice.