Apple Inc. (NASDAQ: AAPL) released fiscal third-quarter financial results after markets closed Tuesday. There was a lot of noise surrounding this earnings report, as Apple’s fellow FAANG stocks Netflix and Facebook took a dive after their earnings reports. However, Apple managed to weather the storm, and so did its analysts.
24/7 Wall St. has included some highlights from Apple’s earnings report, as well as what analysts are saying about the stock after the fact.
The iPhone giant said that it had $2.34 in earnings per share (EPS) on $53.3 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $2.18 in EPS on $52.34 billion in revenue. In the same period of last year, Apple posted EPS of $1.67 on revenue of $45.41 billion.
In this latest quarter, the firm reported its product sales as follows:
- iPhone moved 41.3 million units, up 1% year over year. The segment pulled in revenues of $29.91 billion, an increase of 20%.
- iPad reported 11.6 million units sold, an increase of 1%. Revenues decreased 5% to $4.74 billion.
- Mac sold 3.72 million units, a decrease of 13% from last year. Revenues decreased 4% to $5.33 billion.
- Services revenues increased 31% to $9.55 billion.
- Other Products revenues increased 37% to $3.74 billion.
Regarding guidance for the fiscal fourth quarter, the company expects to see revenues in the range of $60 billion to $62 billion and gross margin of 38.0% to 38.5%. The consensus estimates call for $2.65 in EPS on $59.57 billion in revenue.
Here’s what analysts had to say:
- DZ Bank reiterated a Buy rating.
- Nomura has a Neutral rating with a $190 price target.
- Needham has a Buy rating and raised its price target to $220 from $210.
- BMO Capital Markets reiterated a Hold rating with a $199 price target.
- RBC has an Outperform rating with a $225 price target.
- Loop Capital has a Buy rating with a $220 price target.
Shares of Apple were last seen up 4% at $198.25 on Wednesday, with a consensus analyst price target of $203.22 and a 52-week trading range of $149.16 to $199.26.
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
