Apple Inc. ( AAPL ) shares are trading higher Friday after the company reported better-than-expected first-quarter earnings.

Revenue for the quarter came in at $124.3 billion, beating analyst estimates of $124.13 billion. Adjusted earnings per share also exceeded expectations at $2.40, compared to the estimated $2.36. This marks the eighth consecutive quarter Apple ( AAPL ) has beaten analyst estimates on both revenue and earnings.

Despite iPhone sales slipping slightly year over year to $69.14 billion from $69.7 billion, overall revenue climbed 4%. The company's services segment, which includes subscriptions and digital offerings, reached $26.34 billion, up from $23.12 billion last year. Apple’s installed base of active devices also hit an all-time high, providing further confidence in the company’s long-term ecosystem strength.

Following Apple’s better-than-expected first-quarter earnings, several analysts raised their price targets on the stock:

Goldman Sachs – Buy, price target raised from $280 to $294

BofA Securities – Buy, price target raised from $253 to $265

Morgan Stanley – Overweight, price target raised from $273 to $275

JP Morgan – Overweight, price target raised from $260 to $270

Evercore ISI Group – Outperform, price target raised from $250 to $260

Needham – Buy, price target maintained at $260

Barclays – Underweight, price target raised from $183 to $197

Jefferies – Underperform, price target raised from $200.75 to $202.33

CEO Tim Cook highlighted the company’s continued innovation in artificial intelligence, branding it “Apple Intelligence,” and emphasized the upcoming expansion of these capabilities in April. The company also announced a quarterly cash dividend of 25 cents per share, payable on Feb. 13.

AAPL Price Action: Apple ( AAPL ) shares were up 1.30% at $240.67 at the time of writing, according to Benzinga Pro.

Read Next:

AbbVie Jumps After Q4 Earnings Beat, Skyrizi And Rinvoq Boom Offsets Humira Decline

Image via Shutterstock.