Ripples Advisory, Apple tops sales estimates on services growth, iPhone stability
Apple revenue rose 16% to $61.1 billion in the second quarter—fastest growth in more than two years, while profit came in at $2.73 a share
Apple Inc. reported revenue and profit that beat analysts’ estimates and projected continued sales momentum, calming concern about demand for the iPhone, its most-important product.
The Cupertino, California-based company also unveiled a new plan to return more money to shareholders and said services sales jumped 31%.
Apple revenue rose 16% to $61.1 billion in the fiscal second quarter. That was the fastest growth in more than two years. Profit came in at $2.73 a share, the company said on Tuesday in a statement. Analysts expected sales of $60.9 billion and earnings per share of $2.64, according to data compiled by Bloomberg.
Fiscal third-quarter revenue will be $51.5 billion to $53.5 billion, also ahead of Wall Street forecasts.
Apple sold 52.2 million iPhones in the fiscal second quarter, up 2.9% from a year earlier. Analysts had projected of 52.3 million, on average, although some investors expected fewer units. The average selling price was $728, versus analysts’ expectations of $740. That suggested the flagship iPhone X didn’t perform as well as some anticipated when it launched last year.
Earlier this year, chief financial officer Luca Maestri said iPhone revenue would grow by at least 10% year-over-year in the fiscal second quarter. Apple easily hit that goal, with 14% iPhone revenue growth in the period.
Read More Ripples Advisory, Indore Click Here & Watch More...
0 comments
Note: only a member of this blog may post a comment.