Apple Dodges Tech Rout, Even While Warning of Holiday Slowdown
- Stock rally is the company’s biggest since July 2020
- Sales beat estimates, but iPhone and services were soft spots
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Apple Inc. soared 7.6% in New York trading after delivering enough good news in its quarterly report to avoid the fate of most tech giants this earning season, when peers have seen valuations plunge by hundreds of billions of dollars.
Though sales of iPhones and services were softer than expected last quarter, Apple’s revenue and profit both topped analysts’ estimates. Even with growth expected to decelerate during the current period, investors found enough optimism to send the shares on their biggest one-day rally since July 2020.