Apple tacks on over $150 billion to its market capitalization after the stock soars on Friday.
Apple’s shares took off on Friday following the release of the tech giant’s fiscal second quarter earning report on Thursday after the market closed. Even though iPhone sales declined 10% in the quarter on a year-over-year basis and were less than Wall Street estimates, any bad news was quickly forgotten when Apple announced a record $110 billion share buy back. That news even topped the announcement that Apple’s second largest business segment, Services, reported record revenues during the quarter.
Apple’s shares took off instantly in after-hours trading on Thursday and that momentum continued when the opening bell rang on Friday. During Friday’s trading session, Apple hit a high of $187 before closing at $183.36 for a gain of $10.
