2024-05-02 16:35:29 ET
Apple Inc (NASDAQ: AAPL) is trading up in extended hours on Thursday after coming in ahead of Street estimates for its fiscal second quarter.
iPhone revenue fell short of expectations
The stock is gaining even though iPhone did not do all that well in Q2.
The flagship handset generated $45.96 billion in revenue in the recently concluded quarter (down 10% year-over-year) versus analysts at $46 billion. Tim Cook – the chief executive of Apple Inc said in a press release today:
At $23.90 billion, services revenue topped the consensus at $23.27 billion as well. $AAPL is now down close to 13% versus its year-to-date high.
Apple Q2 earnings snapshot
Earned $23.64 billion versus the year-ago $24.16 billion
Per-share earnings also declined from to $1.53
Revenue inched down 4.0% to $90.75 billion as per the earnings report
Consensus was $1.50 a share on $90.01 billion in revenue
Apple Inc saw its gross margin come in at 46.6% for the first quarter – in line with estimates. Luca Maestri – its chief of finance said today:
What else was noteworthy in $AAPL earnings release
Mac revenue printed at $7.50 billion versus $6.86 billion expected
iPad revenue came in at $5.60 billion versus $5.91 billion expected
Other products generated billion in $7.90 sales versus $8.08 bill expected
Apple will likely offer guidance for its current quarter on the conference call that you can tune into on this link . Its chief executive also said on Thursday:
This is a developing story. Check back in a few minutes for more updates!
The post Apple Q2 earnings: iPhone sales down 10%, $110 billion stock buyback announced appeared first on Invezz
