Apple Quarterly Revenue, Profit Beats Wall Street Estimates, Stock Pops
reported earnings $58.3 billion in revenue last quarter and $2.55 earnings per share, beating expectations on both fronts. Sales were up 1% and profit up 4% from the year earlier quarter. The stock, which closed higher Thursday, popped in after hours trading on the earnings before retreating.
“It was a very unique quarter. I have never had anything quite like this. I hope to never have it again,” CEO Tim Cook said in an interview on CNBC. Wall Street’s revenue consensus was about $54.6 billion but the estimates varied dramatically given the uncertainties. Consensus profit forecast was $2.27 a share, but again, the range was wide. Net income of $11,25 billion versus $11.5 billion. “Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables,” said Cook in a statement.Amazon Reports Mixed Q1 Results As Jeff Bezos Vows Massive COVID Response: "We're Not Thinking Small" The company recently introduced a cheaper version of its phone, the iPhone SE in April. During the quarter, it came out with a new iPad Pro model and a refreshed MacBook Air. Executives will take questions for analysts on a call at 5 pm ET with more details on the pandemic’s impact and outlook on iPhone production, Apple TV+ and the 5G rollout, among other things. Services revenue, which includes streaming service AppleTV+, hit a record $13.3 billion, up 16%, from $11.4 billion a year ago. Wearbles also rose. IPhone sales dipped 7% to $29 billion. Sales of Macs and iPads also dipped. Apple TV+ debuted last November with eight original show and has been growing its content offering steadily but been a rather quiet entrant to the streaming warns. Earlier Thursday the company released three new ads for the service on YouTube. After a strong fiscal first quarter Apple was the first major U.S. company to warn a month after, in late February, that it had to scrap financial guidance given supply chain issues in China. Other companies soon joined the chorus. Its stores remain shuttered save for ones that have reopened in China and one location in Korea.In a unusal move in the current environment – where companies are trying to conserve cash and look conservative – Apple announced both an increase in its dividend and a $50 billion increase in its share repurchase program.
Please follow us on Google to support us United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fiona Apple Gives Rare TV Interview: WatchFetch the remote! Fiona Apple made a rare television appearance Tuesday on Democracy Now! to discuss her new album Fetch the Bolt Cutters.
Read more »
This Easy 5-Ingredient Apple Crumble Crust Is Gluten-Free and Perfect For Spring BakingThis gluten-free apple crumble only takes 30 minutes to make! 🥧🍏
Read more »
V The People: V The People: Melanie C. on Apple PodcastsFor the next episode of VThePeople, our digital director LilNervous spoke to MelanieCmusic just as lockdowns we’re starting 🎧 Click here to listen:
Read more »
Apple Posts Record Services Revenue of $13.3 Billion, Beats Lowered Wall Street ExpectationsApple turned in better results for the first three months of 2020 than some analysts expected amid the COVID-19 crisis — including posting a record $13.3 billion in services revenue, up 17% y…
Read more »
Apple reports flat revenue and does not offer guidance because of coronavirus uncertaintyApple did not issue guidance for the quarter ending in June, as it usually does. The company withdrew guidance for this quarter in February as the Covid-19 coronavirus spread in China.
Read more »