Netizen 24 USA: Apple stock surges to all-time high as forecast hints at strong sales boost

Apple stock surges to all-time high as forecast hints at strong sales boost Apple CEO Tim Cook at a Red Sox game this summer.AP Apple stock ...

Apple stock surges to all-time high as forecast hints at strong sales boost

Tim Cook baseballApple CEO Tim Cook at a Red Sox game this summer.AP

Apple stock is surging after it beat Wall Street's expectations for earnings per share and revenue, and the stock is up over 5% after-hours.

Apple also issued strong revenue guidance for its fourth fiscal quarter, suggesting strong sales growth year-over-year.

The strong guidance also hinted at the launch of a redesigned iPhone in September, which is expected to sell briskly.

Although CEO Tim Cook had warned that iPhone sales might see a "pause" ahead of the expected September launch of the new iPhone, iPhone unit sales were in line with Wall Street expectations and in line with last year's performance.

Notably, Apple sold 14% more iPads than it did a year ago, breaking a 13-quarter streak of year-over-year declines. However, revenue was only up 2% on an annual basis, suggesting that many of these sales were of the less expensive $329 iPad Apple introduced during the quarter.

One trouble spot in the earnings was Apple's performance in China, which was down 10% year-over-year.

Here are the key results:

Q3 EPS (GAAP): $1.67, up 17% year-over-year, vs expectations of $1.57

Q3 revenue: $45.4 billion, up 7% year-over-year, vs expectations of $44.95 billion

Gross margin: 38.5%, up 1% year-over-year, vs expectations of 38.2%

iPhone unit sales: 41.0 million, up 1% year-over-year, vs expectations of 41.1 million

iPad unit sales: 11.42 million, up 14% year-over-year

Mac unit sales: 4.292 million, flat year-over-year

Q4 revenue guidance: $49 billion - $52 billion vs expectations of $49.21 billion

Click here to refresh the post.

Notes from the call

[5:00] Hold music has started. We're expecting CFO Luca Maestri and CEO Tim Cook today.

[5:02] And we're off. Tim Cook calls the results "very strong" and predicts that Apple will "extend" its competitive lead this fall, potentially hinting at a big iPhone launch this fall.

[5:04] Cook says there was a lot of demand at the high end of the iPhone lineup. "One decade after the iPhone launch, we have passed 1.2 billion cumulative iPhones sold."

[5:05] Cook says that its services business is the size of a Fortune 100 company, which is faster than the company had predicted. (Apple predicted it would happen this year.)

[5:06] Apple is doing it for the kids รข€" Cook is spending a long time talking about its software to teach students how to code.

[5:07] Sales of Apple watch were up over 50% in the June quarter, Cook says.

[5:09] Cook highlights Apple's $1 billion fund that invested in Corning and is "laying a foundation for a new era of technology-driven manufacturing" in the US.

[5:11] "It's still early in the beta period, but it's clear that ARKit has captured the imagination of our developer community." Cook says that Apple will have the largest augmented reality platform this fall.

[5:14] Tim Cook talking about HomePod, the speaker Apple previewed earlier this summer. Says listeners were blown away by sound quality.

[5:15] Now CFO Luca Maestri is giving his prepared remarks.

Charts

Apple Q3Apple bii app   le iphone sales and yoy growth 2q17Business Insider Intelligencebii apple iphone sales 2q17Business Insider Intelligencebii apple ipad sales and yoy growth 2q17BI Intelligencebii apple ipad sales 2q17Business Insider Intelligencebii apple mac sales and yoy growth 2q17Business Insider Intelligencebii apple mac sale   s 2q17Business Insider Intelligence

bii apple product ASP growth yoy 2q17Business Insider Intelligencebii iphone ipad mac ASP 2q17Business Insider Intelligencebii iphone ipad ASP 2q17Business Insider Intelligence

Source: Google News

COMMENTS

Name

Accessory,1,Apartment,1,Application,1,Automotive,3,Bank,1,Beauty,2,Board,1,Breakfast,2,Budget Living,1,Building,1,Business,2,Car Accessory,2,Car part,1,Car Shop,1,Celebrity,4,Cloth accessory,1,Cooking,1,Cover,2,Deals,1,Design,3,Digital Life,1,Dinner,1,Dish Review,2,DIY Projects,3,Economy,2,Education,2,Engine,1,Entertainment,1,Expert Advices,2,Fashion,2,Financial,1,Food,3,Football,1,Games,1,Gossip,1,Heath,1,Hot issue,2,Hotels,1,House,2,Individual,1,Inspiration,2,Latin,1,Lifestyle,6,Live Show,1,Love,1,Lunch,2,Model,1,Music,2,Nutrition,1,Olympic,1,Politics,3,Pop Shop,1,Rock,1,Sports,1,Startup,1,Stock,1,Tech Review,1,Tech Tips,1,Technology,2,Tennis,1,Tone Set,1,Travel,1,Trip Ideas,1,Vogue,1,Weather,1,Wedding,1,World,3,
ltr
item
Netizen 24 USA: Netizen 24 USA: Apple stock surges to all-time high as forecast hints at strong sales boost
Netizen 24 USA: Apple stock surges to all-time high as forecast hints at strong sales boost
http://static5.businessinsider.com/image/5980d3fb4528e62c008b6371-2139/ap17161010742539.jpg
Netizen 24 USA
http://www.netizen24.com/2017/08/netizen-24-usa-apple-stock-surges-to.html
http://www.netizen24.com/
http://www.netizen24.com/
http://www.netizen24.com/2017/08/netizen-24-usa-apple-stock-surges-to.html
true
5079521174215534427
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy