Apple's Win Streak Ends At 13 Years; First iPhone Sales Decline In History Crushes Stock
After Tuesday's closing bell, Apple Inc. (NASDAQ: AAPL) reported Q2 earnings of $1.90 per share on sales of $50.56 billion. Estimates called for EPS of $2.00 and sales of $51.97 billion. The company sees Q3 sales of $41-$43 billion vs. $47 billion estimates.
This was the first year-over-year sales decline for the tech behemoth since 2003. Shares traded recently at $98.62, down 5.5 percent in the after-hours session.
iPhone sales came out at 51.2 million, about 1 million above estimates but was the first sales decline in the product's history.
iPad sales came out at 10.3 million, while MacBook sales came out at 4 million.
On Monday, Drexel Hamilton's Brian White said, "As the iPhone 6-Series nears the end of this two-year cycle, we expect some volatility; however, we believe the market is looking forward to the iPhone 7 in September." Looking ahead, White said Apple may issue a "cautious" Q3 outlook given the end of iPhone 6-series cycle and uncertain macro-economic conditions.
The average sell-side price target on Apple sits at around $138. With shares of Apple closing Tuesday's trading session just under $105, that average price target represents potential upside of about 31 percent. Here is a look at what nearly every major Apple analysts rating and price target stand at, as of Monday afternoon.
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