Apple's stock racks up biggest one-day gain since July 2020

The world's largest company by market value raked in sales of nearly $124 bn and profit of $34 bn, showcasing its ability to navigate a global supply crunch during the crucial holiday quarter

Apple Inc's shares rallied nearly 7% on Friday in its biggest one-day percentage jump in a year and a half after the iPhone maker reported blockbuster results and teased its metaverse ambitions.

The Cupertino, California company's gain reduced some of the losses it has suffered in recent weeks during a broad selloff in growth and technology stocks.

The world's largest company by market value raked in sales of nearly $124 billion and profit of $34 billion, showcasing its ability to navigate a global supply crunch during the crucial holiday quarter.

"Apple is known for its supply-chain prowess and many wonder about the actions