Apple earnings $2.34/share vs. $2.16 consensus

Apple earnings $2.34/share vs. $2.16 consensus

Apple stock gains after results, outlook top expectations

Shares of Apple Inc. were up 2.6 in after-hours trading Tuesday after the smartphone giant delivered a better-than-expected outlook and beat expectations with its fiscal third-quarter results. The company reported net income of $11.5 billion, or $2.34 a share, up from $8.7 billion, or $1.67 a share, a year earlier. Analysts had been projecting net income of $10.8 billion and EPS of $2.16 a share, according to FactSet. Revenue rose to $53.3 billion from $45.4 billion a year ago and came in ahead of expectations for $52.3 billion. Apple sold 41.3 million iPhone units in the quarter, up from from 41 million a year earlier. Analysts were projecting 42 million units sold. The company generated $29.9 billion in iPhone revenue and $9.5 billion in services revenue. For the September quarter, Apple projects revenue of $60 billion to $62 billion. Analysts were projecting $59.5 billion. Shares were up 29% over the past 12 months, as of Tuesday’s close, while the Dow Jones Industrial Average had gained 16%.

Read on Market Watch

Share:

Author: HEDGE

Hedge Accordingly was founded ahead of the global financial crisis in January of 2008, with the goal of providing our readers our unique take on The Latest News on Wall Street, Stocks, #Politics and Business news. Hedge Accordingly produces both original, and aggregated #Wallst news content from top publishers around the world. We curate aggregated content covering the latest news on politics, stocks, wall street, and the tech industry. We also provide free stock charting, quotes and a bitcoin, forex and currency exchange. Learn More About HEDGEaccordingly.com