Apple stock has best day since 2022 after earnings beat, $110 billion stock buyback

Apple shares surged 6% on Friday, marking their best performance since November 2022, after announcing better-than-expected second-quarter earnings and the largest-ever stock buyback program of $110 billion. Despite a 4% decline in overall sales and a 10% drop in iPhone sales year-over-year, the company exceeded analysts' earnings expectations.

Following the earnings report, major financial analysts upgraded their price targets for Apple, citing positive adjustments in revenue expectations and potential growth from upcoming AI features and new product cycles. This optimistic outlook underscores a strong future upgrade cycle, particularly in hardware and AI advancements.