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Apple's stock racks up biggest one-day gain since July 2020

Apple also teased its metaverse ambitions as Chief Executive Tim Cook talked of the company investing in the expansion of its library of 14,000 augmented reality apps, prompting strong investor response

January 29, 2022 / 08:19 AM IST
(Image Courtesy: Reuters)

(Image Courtesy: Reuters)

Apple Inc's shares rallied nearly 7% on January 28 in its biggest one-day percentage jump in a year and a half after the iPhone maker reported blockbuster results and teased its metaverse ambitions.

The Cupertino, California company's gain reduced some of the losses it has suffered in recent weeks during a broad selloff in growth and technology stocks.

The world's largest company by market value raked in sales of nearly $124 billion and profit of $34 billion, showcasing its ability to navigate a global supply crunch during the crucial holiday quarter.

"Apple is known for its supply-chain prowess and many wonder about the actions Apple has taken and will take to better position itself for this calendar year," Third Bridge analyst Scott Kessler said.