Apple stock rises after strong quarterly results and upbeat guidance

Apple shares climbed more than 3% on Friday after the company reported strongerthanexpected quarterly results and forecast revenue growth for the current quarter well above Wall Street estimates. CEO Tim Cook said demand remains strong for the iPhone 17 lineup and several Mac models, even as Apple faces supply pressures tied to a global memory shortage. The company expects revenue in the fiscal third quarter to rise between 14% and 17% from a year earlier, compared with analysts’ expectations for about 9.5% growth. Apple also said secondquarter revenue increased 17% year over year to $111.18 billion, beating estimates. Services revenue rose about 16%, while Mac, iPad and services all topped expectations. The company’s gross margin reached 49.3%, and analysts said the outlook suggests Apple may be handling rising memory costs better than expected.