Apple shares rose more than 3 percent on Friday, gaining enough ground to practically erase the losses that followed the company’s lowered revenue guidance three weeks ago.
The stock traded as high as $158.13, briefly topping the $157.92 closing price on Jan. 2. After the market’s close that day, Apple said sales for its fiscal first quarter would likely fall short of expectations due to weaker-than-expected iPhone sales and headwinds in China.
Apple lost 10 percent of its market value the day after the announcement, marking the stock’s steepest one-day drop since 2013. Shares closed at $157.76 Friday.
Even with the recent bounce, it’s been a particularly rough few months for Apple investors. The company, which became the first in the U.S. to reach a $1 trillion stock market value, has seen its shares drop 32 percent from its record high in October.
Apple reports first-quarter results next week.
