Apple AAPL shares rose Friday morning after the company reported better-than-expected earnings and said customers are increasingly upgrading their iPhones to take advantage of AI features. While the company reported a drop in iPhone sales during the December quarter due to regulatory hurdles in China and a slow rollout of its flagship Apple Intelligence features in other markets, profit topped expectations in the first first quarter as services revenue surged.
CEO Tim Cook said late Thursday in the company's earnings call that more customers upgraded their iPhones last quarter than in any previous period, and that he expects Apple Intelligence to "go mainstream" as the base of iPhone 15 and iPhone 16 users grows. This move coincided with the relative strength index RSI reclaiming the 50 threshold earlier this month, indicating a positive shift in price momentum.
To forecast where Apple shares may be headed upon a breakout above the ATH, we can apply bars pattern analysis. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Key Takeaways Apple shares rose Friday morning after the company reported better-than-expected earnings and said customers are increasingly upgrading their iPhones to take advantage of AI features.
The stock looks set to continue its upward momentum after finding support near the lower trendline of a rising wedge pattern.
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