Why Apple Stock Is Rising Today

Apple Inc AAPL shares are trading higher Friday after the company reported better-than-expected financial results.

Apple said fiscal third-quarter revenue jumped 2% year-over-year to $82.96 billion, which beat the estimate of $82.81 billion, according to data from Benzinga Pro. The company reported quarterly earnings of $1.20 per share, which beat the estimate of $1.16 per share.

"We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category," said Luca Maestri, CFO of Apple.

Apple said third-quarter iPhone revenue totaled $40.665 billion, up from $39.57 billion year-over-year. Services revenue reached $19.604 billion in the quarter, up from $17.586 billion year-over-year.

Mac and wearables were down in the quarter. Mac revenue totaled $7.38 billion, down from $8.235 billion year-over-year. Wearables revenue came in at $8.084 billion, down from $8.775 billion year-over-year.

Related Link: Munster's Take On 'Gravity-Defying' Apple's Q3 Results: iPhone Stronger Than 'Acre Of Garlic,' Guidance In Line, Softness In Services

Analyst Assessment: Several analysts adjusted price targets on the stock following Apple's quarterly results.

• Citigroup analyst Jim Suva maintained Apple with a Buy rating and raised the price target from $175 to $185.
• Barclays analyst Tim Long maintained Apple with an Equal-Weight rating and raised the price target from $166 to $169.
• Raymond James analyst Melissa Fairbanks maintained Apple with an Outperform rating and lowered the price target from $190 to $185.
• Rosenblatt analyst Barton Crockett maintained Apple with a Neutral rating and lowered the price target from $168 to $160.

AAPL Price Action: Apple has a 52-week high of $182.94 and a 52-week low of $129.04.

The stock was up 2.64% at $161.50 at time of publication.

Photo: courtesy of Apple.