NEW YORK (TheStreet) -- Shares of Apple (AAPL) are up 0.31% to $119.27 in midday trading Friday, after the stock hit a new all-time high as the tech giant's share price traded above $120, surpassing its previous intraday high of $119.75 from November.
On Tuesday, Apple reported its record-breaking earnings results, topping analysts' estimates with $3.06 per share on revenue of $74.6 billion.
Apple also said it sold a record high 74.5 million iPhones in the last quarter.
Exclusive Report: Jim Cramer's Best Stocks for 2015
CEO Tim Cook said on the company's earnings conference call Tuesday that he continues to see significant growth in China, as demand for Apple's iPhones continue to rise in the region.
Cupertino, CA-based Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.
Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."