Apple Inc. (NASDAQ: AAPL)
Apple is having an incredibly strong day in the market today, and for good reason. Yesterday, after the closing bell, the company released its earnings report. From the report, investors learned that the company not only beat analyst opinions, but had a record breaking quarter. Below, we’ll talk about what we saw from the report, how AAPL reacted in the market, and what we’ll be watching for ahead.
What We Saw From The AAPL Earnings Report
As mentioned above, Apple is having a strong day in the market today after reporting its earnings for the first quarter yesterday after the closing bell. Here’s what we saw from the report…
Earnings Per Share – In terms of earnings per share, AAPL did overwhelmingly well. During the first quarter, analysts expected that the company would generate earnings in the amount of $3.22 per share. However, the company actually reported earnings in the amount of $3.38 per share.
Revenue – In terms of revenue AAPL definitely didn’t fall short. In fact, the company hit an all time record, generating 78.35 billion in the first quarter. This figure also beat analyst expectations of $76.168 billion.
iPhone Sales – In the first quarter, Apple sold a total of 78.290 million iPhone units. On a quarter over quarter basis, that’s growth of 72%. On a year over year basis, growth comes in at 5% in both units sold and revenue earned, which came in at $54.378 billion.
Guidance – In the second quarter, AAPL said that it expects to generate revenue in the range between $51.5 billion and $53.5 billion.
Along with the release of earnings, the company’s CEO, Tim Cook had the following statement to offer…
“We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way. We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac and Apple Watch…”
How The Stock Reacted To The News
At the end of the day, earnings have the potential to really move the market, and that’s exactly what happened in this case. At the moment (10:22), AAPL is trading at $127.90 per share after a gain of $6.55 per share or 5.40% thus far today.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching AAPL incredibly closely. Considering the stronger than expected iPhone sales, we’ll be looking into the company’s providers as we expect for the company to be making larger orders ahead. We’ll also be watching the Apple Watch and Mac computers as these areas are growing as well. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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[Image Courtesy of Wikimedia]