Why Apple stock rose after rare earnings miss

Supply challenges and macroeconomic headwinds weighed on Apple’s performance last quarter. Apple reported lower earnings than Wall Street expected. However, Apple’s stock price rose in Friday trading as analysts and investors were impressed with stable iPhone demand and growth in services revenue. Shares of Apple rose $3.68 (+2.44%) to close at $154.50 on Friday.John Ballard for The Motley Fool:The quarter was more challenging for Apple than last year. Revenue fell 5% year over year