Apple Inc. shares gained the most since 2020 after quarterly results sailed past Wall Street estimates, marking a victory against a supply-chain crunch fueled by the pandemic and chip shortages.
Sales climbed 11% to a record $123.9 billion in the fiscal first quarter, the company said Thursday. Analysts had predicted $119.1 billion on average. Profit also beat projections, and the company predicted that sales would grow by a double-digit percentage in the March quarter.
