Apple’s Incredible Quarter Reaches Record Levels
Apple reported its most recent quarterly results after the markets closed on Wednesday. These record numbers helped push a solid gain in the after-hours.
Apple Inc. (NASDAQ: AAPL | AAPL Price Prediction) released its most recent quarterly results after markets closed Wednesday. The iPhone giant reported record numbers of $1.40 in earnings per share (EPS) and $89.6 billion in revenue for the quarter. This compares with consensus estimates that called for $0.99 in EPS and $77.35 billion in revenue. The fiscal second quarter from last year had $0.64 in EPS and $58.31 billion in revenue.
This quarter’s performance was driven by double-digit growth in each product category, which drove record revenues in each of Apple’s geographic segments for the March quarter. Note that International sales accounted for 67% of the quarter’s revenue.
Apple’s board of directors declared a cash dividend of $0.22 per share of common stock. The dividend is payable on May 13, to shareholders of record as of the close of business on May 10.
For the quarter, the firm reported its product sales as follows:
- iPhone pulled in revenues of $47.94 billion, an increase of 65.5% year over year.
- Mac revenues increased by 70.1% to $9.10 billion.
- iPad revenues increased 78.7% to $7.81 billion.
- Wearables, Home and Accessories revenues increased by 24.7% to $7.84 billion.
- Services revenues increased by 26.6% to $16.90 billion.
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On the books, Apple’s cash, cash equivalents and marketable securities totaled $69.8 billion at the end of the quarter, versus $90.9 billion at the end of the previous fiscal year.
The company did not give guidance for the quarter noting the lack of visibility and uncertainty in the short term. The consensus estimates call for $0.82 in EPS on $68.94 billion in revenue for the fiscal third quarter.
Shares of Apple closed Wednesday at $133.58, in a 52-week range of $70.97 to $145.09. The consensus price target is $152.06. Following the announcement, the stock was initially up about 4% at $139.10 in the after-hours session.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
