Technology
Why Analysts Are Chasing Apple Back Over $1 Trillion
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Apple Inc. (NASDAQ: AAPL) released its fiscal third-quarter results after markets closed Tuesday, and this tech giant continued to impress investors and analysts alike. Also, this boost pushed Apple’s market cap back over the $1 trillion mark to join the club with Microsoft.
24/7 Wall St. has included some of the main highlights from the Apple earnings report, as well as what analysts are saying afterward.
The iPhone giant said that it had $2.18 in earnings per share (EPS) and $53.8 billion in revenue, compared with consensus estimates that called for $2.10 in EPS and revenue of $53.39 billion. In the third fiscal quarter of last year, Apple posted $2.34 in EPS and $53.27 billion in revenue.
In its most recent quarter, the firm reported its product sales as follows:
Regarding guidance for the fiscal fourth quarter, the company expects to see revenues in the range of $61 billion to $64 billion and a gross margin of 37.5% to 38.5%. The consensus estimates call for $2.67 in EPS on $61.02 billion in revenue for the quarter.
Here’s what analysts had to say after the fact:
Shares of Apple traded up 4% to $217.91 on Wednesday, in a 52-week range of $142.00 to $233.47. The consensus price target is $214.09.
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