Apple's iPhone sales boost stock despite mixed reactions.

Apple's stock surged 5% after beating analyst estimates for the March quarter, but the numbers weren't impressive compared to prior year levels. The company actually reported sales dipped 2.5% YoY, and FQ3 revenue guidance predicts a similar dip. Despite this, Apple trades at a high forward PE multiple of over 29x, similar to other tech giants with much higher growth rates. The market appears more focused on whether Apple beat lowered guidance than whether the company is growing, and investors should use this rally to unload Apple at an optimal price.