Key Takeaways Apple shares rose Friday morning after the company reported better-than-expected earnings and said customers are increasingly upgrading their iPhones to take advantage of AI features.The stock looks set to continue its upward momentum after finding support near the lower trendline of a rising wedge pattern.

Apple reported fiscal first-quarter earnings Thursday. Analysts are focused on iPhone momentum following a sluggish start to the year for Apple's stock.

Apple stock lifted following guidance for the current quarter after the company reported a drop in ​iPhone and China sales. Overall revenue grew 4%.