AAPL Stories Today
AAPL Stories Yesterday
Following the earnings report yesterday, Apple company stock has popped 7% as investors were pleased with Apple’s guidance for the September quarter and total revenue drop for fiscal Q3 was lower than anticipated.
This means Apple stock is back into triple digits, after fleeting the $101 mark briefly last week. The stock opened this morning at $103, up significantly from yesterdays close os ~$97
Update: That $103 price is holding steady in early trading this morning.
While Apple’s earnings weren’t fantastic, with particularly bad news in China, the market view appears to be that the numbers were better than feared. The stock price climbed sharply in the first hour of after-hours trading, jumping from $97.34 to more than $103, and has so far maintained this new level.
Business Insider did a roundup of analyst reactions, and found that with the single exception of Deutsche Bank, which rates the stock a Hold, all the others they surveyed rated it a Buy, with target prices ranging from $115 to $150 …
While most of the numbers announced yesterday were broadly in line with analyst expectations, there was one particularly disappointing element: revenue from China. This was down 29% on the previous quarter, and a full 33% year-on-year – from $13.2B in Q3 2015 to $8.8B the same quarter this year.
CEO Tim Cook pointed to slowing growth in the Chinese economy as a factor, but there are two other factors at play …
AAPL Stories July 26
Apple has officially reported its Q3 2016 earnings results with $42.4 billion in revenue and $7.8 billion in profit from the April to June quarter.
Apple® today announced financial results for its fiscal 2016 third quarter ended June 25, 2016. The Company posted quarterly revenue of $42.4 billion and quarterly net income of $7.8 billion, or $1.42 per diluted share. These results compare to revenue of $49.6 billion and net income of $10.7 billion, or $1.85 per diluted share, in the year-ago quarter. Gross margin was 38 percent compared to 39.7 percent in the year-ago quarter. International sales accounted for 63 percent of the quarter’s revenue.
Here’s Apple’s breakdown of iPhone, iPad, and Mac sales from the quarter:
iPhone: 40.4 million units iPad: 9.9 million units Mac: 4.2 million units
Apple CEO Tim Cook:
“We are pleased to report third quarter results that reflect stronger customer demand and business performance than we anticipated at the start of the quarter,” said Tim Cook, Apple’s CEO. “We had a very successful launch of iPhone SE and we’re thrilled by customers’ and developers’ response to software and services we previewed at WWDC in June.”
And Apple CFO Luca Maestri:
“Our Services business grew 19 percent year-over-year and App Store revenue was the highest ever, as our installed base continued to grow and transacting customers hit an all-time record,” said Luca Maestri, Apple’s CFO. “We returned over $13 billion to investors through share repurchases and dividends, and we have now completed almost $177 billion of our $250 billion capital return program.”
Apple’s Q3 results compare to the prior quarter’s $50.6 billion in revenue, 51.1 million iPhone sales, 10.2 million iPad sales, and 4 million Mac sales. In the same quarter a year ago, Apple reported $49 billion in revenue, 47 million iPhones sold, 10.9 million iPads sold, and 4.7 million Macs sold. Apple reported $10.5 billion in profit in the prior quarter and $10.7 billion in profit in the year ago quarter. Apple’s revenue guidance for next quarter ranges from $45.5 billion to $47.5 billion.
Read on for Apple’s full Q3 earnings report, and stay tuned as we await Apple’s quarterly conference call at 2 p.m. PT/ 5 p.m. ET to discuss these results. Tim Cook and Luca Maestri are expected to deliver prepared commentary on the earnings results then field questions from analysts participating on the call.