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 shares rose 2% Friday morning, after the company reported stronger-than-expected earnings. Net income rose to $36.3 billion, topping analysts' estimates, as did earnings per share. iPhone sales fell nearly 1% on the year to $69.

Apple stock was up in premarket trading after the iPhone maker posted first-quarter earnings results that beat expectations.