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Apple pops after crushing earnings (AAPL)

Apple stock price earnings per share revenue profit
Apple stock price earnings per share revenue profit

Markets Insider


Shares of Apple are up more than 4% in after-hours trading Tuesday following second-quarter earnings from the company that topped analyst expectations. 

Here are the key figures: 

  • Revenue: $61.1 billion versus an expected $60.86 billion

  • Earnings per share: $2.73 versus an expected $2.60

  • iPhones sold: 52.2 versus an expected 51.9 million.

The company also announced a $100 billion share buyback in addition to boosting its dividend by 16% to $0.73 per share.

While sales of Apple's iPhone did not deliver a big upside surprise, nor did they fall through the floor, as some worried they might.

"This is the first cycle we've had where the top-of-the-line iPhone model has also been the most popular," Apple CEO Tim Cook said on a conference call with analysts on Tuesday.

The $1,000 iPhone X — Apple's most expensive iPhone ever — was the best-selling phone "every week" during the quarter, Cook said. The comments come amid investor worries, fueled by negative press reports, that Apple's high-priced flagship model was not selling well.

Although Cook would not provide specific sales figures for the iPhone X, he stressed that the performance should be viewed as a sign of strength regardless of the details.

"The team wins the Super Bowl, you want them to win by a few more points, but it's a Super Bowl winner, and it's how we feel about it," Cook said during the call.

Apple also raised its guidance for the third quarter to between $51.5 billion and $53.5 billion, a range with a midpoint comfortably above the $51.6 billion average analyst forecast. In recent weeks, "whisper numbers" among some investors event anticipated that fiscal Q3 revenue could come in below $50 billion, according to a note by GBH Insights analyst Dan Ives, following Apple's results.

"This guidance number was much better than feared and will be a "major relief" for the stock," Ives wrote.

Shares of Apple have declined 1.6% since the beginning of 2018. 

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