Apple Inc. stock is the subject of intense speculation after the company reported a profit in the first quarter of 2018, beating Wall Street expectations and raising its revenue forecast for the year.
The company said Tuesday it earned $19.5 billion in profit for the period, topping analysts’ forecasts.
That was better than analysts’ expectations of $16.5.
The company’s stock price rose 5.6% to $143.95.
Shares of Starbucks Inc. surged 7.5% in early trading Tuesday, while the stock of Cisco Systems Inc. jumped 2.6%.
The stock has surged nearly 40% over the past two years as the company has been expanding its presence in China and expanding its products in the U.S. Apple also reported a net loss of $18.9 billion in the quarter, which beat Wall Street forecasts.
Shares rose 1.5%, with Apple up more than 3% to close at $157.19.
The stock has risen by more than 20% in the past year.
Shares in Cisco fell 3.7% after the stock closed at $66.69, which was below Wall Street’s consensus estimate of $68.50.
Cisco has a market value of $9.3 billion.