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Apple's Stock Hits All-Time High After Beating Q3 Earnings, Sales Estimates

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Apple's Stock Hits All-Time High After Beating Q3 Earnings, Sales Estimates
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Apple, Inc. (NASDAQ: AAPL) prevails as front-runner over other FANG members, as the tech giant exceeded earnings expectations.

Apple reported a Q3 revenue of $53.3 billion, accounting for a 17-percent increase from last year, as well as a 40-percent increase in earnings per share at $2.34 against a $2.18 estimate.

The company sees Q4 sales of $60 billion-$62 billion versus a $59.6-billion estimate.

Highlights From The Q3 Print

"We're thrilled to report Apple's best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth," said CEO Tim Cook. "Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline."

  • Q3 iPhone Sales of 41,300 Units, down 21 percent sequentially, up 1 percent YoY.
  • Services revenue reached a new all-time high, totalling between $60 and $62 billion.
  • Operating expenses reported between $7.95 and $8.05 billion.
  • Other income resulted in $300 million.

"Our strong business performance drove revenue growth in each of our geographic segments, net income of $11.5 billion, and operating cash flow of $14.5 billion," said CFO Luca Maestri. "We returned almost $25 billion to investors through our capital return program during the quarter, including $20 billion in share repurchases."

Click here to see full results.

Apple shares were trading up 3 percent at $196.34 in Tuesday's after-hours session, which would be a new all-time high for the stock. Apple has a market cap of about $956.5 billion.

Related Links:

Apple Q3 Earnings Preview: Experts Say iPhone, Services Are Key

Apple Gets A Price Target Raise, But Analyst Sees Challenges Ahead

Posted-In: Earnings News Guidance Top Stories After-Hours Center Movers Tech Trading Ideas Best of Benzinga

 

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