Apple Inc. AAPL's revenue forecast for its current quarter implies a significant slowdown in smartphone sales, an analyst said Monday.
Apple, which beat fiscal second quarter expectations after the bell Monday, changed hands recently at $134.91, up 1.7 percent.
See Also: Apple Beats Q2 Estimates, Lifts Dividend
The company predicted revenue for the current period of between $46 billion and $48 billion, down roughly 19 percent from $58 billion in the recent second quarter, but above the $47 billion estimates.
Apple also boosted its quarterly dividend 11 percent.
"The outlook likely includes about $2 billion in Apple Watch sales and implies a significant slowdown in iPhone sales," Mizuho's Abhey Lamba said in a note issued after the company's earnings report.
Lamba maintained a Neutral rating and $115 price target on the company, and said he's waiting to hear Apple's conference call comments.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.