Apple Does It Again With Earnings
Apple Inc. (NASDAQ: AAPL) released fiscal fourth-quarter financial results after markets closed Thursday. Apple did it again with this earnings report, and shares were pushing new highs in the after-hours session. Investors that kept their faith in Apple this quarter, despite the iPhone X not shipping until tomorrow, have been rewarded.
The iPhone giant said that it had $2.07 in earnings per share (EPS) and $52.6 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $1.87 in EPS and $50.79 billion in revenue. The same period from last year had $1.50 in EPS and $46.85 billion in revenue.
The product sales breakdown came out as:
- iPhone shipped 46.68 million units for $28.85 billion in revenue, up 2% year over year.
- iPad shipped 10.33 million units for $4.83 billion in revenue, up 14%.
- Mac shipped 5.39 million units for $7.17 billion in revenue, up 25%.
- Services revenues grew 34% year over year to $8.50 billion.
- Other Products revenues grew 36% to $3.23 billion.
In terms of the guidance for the fiscal first quarter, Apple expects to see revenues in the range of $84 billion to $87 billion, with a gross margin in the range of 38% to 38.5%. There are consensus estimates calling for $3.77 in EPS and $85.31 billion in revenue for the coming quarter.
On the books cash, cash equivalents, and short-term marketable securities totaled $74.2 billion at the end of the quarter, versus $67.2 billion at the end of the previous fiscal year.
Tim Cook, Apple’s CEO, commented:
We’re happy to report a very strong finish to a great fiscal 2017, with record fourth quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for Services. With fantastic new products including iPhone 8 and iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K joining our product lineup, we’re looking forward to a great holiday season, and with the launch of iPhone X getting underway right now, we couldn’t be more excited as we begin to deliver our vision for the future with this stunning device.
Shares of Apple closed Thursday up 0.7% at $168.11, with a consensus analyst price target of $175.19 and a 52-week range of $104.08 to $169.65. Following the release of the earnings report, the stock was up over 3% at $173.69 in the after-hours trading session.