Apple Reports Record-Setting Earnings, Revenue

Year-over-year, AAPL sports an over 20% lead

Deputy Editor
Jan 28, 2022 at 10:29 AM
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Apple Inc. (NASDAQ:AAPL) was able to brush off profit-denting supply chain challenges to report its best quarterly revenue ever. The FAANG name earned $2.10 per share during its fiscal first-quarter, beating consensus estimates by more than 20 cents, and surpassing $30 billion in earnings for the first time within a three-month timeframe. Plus, AAPL posted $123.95 billion in revenue. Looking ahead, CEO Tim Cook said the aforementioned supply chain issues are flashing signs of improvement.

In response, Apple stock was last seen up 4% to trade at $165.57, looking to close above the 80-day moving average after three-straight closes below this trendline. AAPL has seen early 2022 success, surpassing the $3 trillion market cap, and nabbing a Jan. 4 all-time high of $182.94. Year-over-year, the shares are up around 20.4%.

Analysts are gushing over the results, dishing out no fewer than 10 bull notes earlier today. Specifically, Morgan Stanley and Deutsche Bank both raised their price targets to $210. All but one of the 22 in coverage called AAPL a "buy" or better, while the 12-month consensus price target of $186.25 was a 12.7% premium to current levels.

Options traders are taking a greater-than-usual interest in the Big Tech behemoth today, with options volume running at double the intraday average. So far, 505,000 calls and 430k puts have exchanged hands.. Most popular by far is the weekly 1/28 165-strike call, where new positions are being opened.


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