Consumer electronics giant Apple (AAPL) has managed to report quarterly financial results that topped estimates even though its iPhone sales missed Wall Street’s forecast.
The Silicon Valley-based company announced earnings per share (EPS) of $2.01 U.S., which beat the $1.95 U.S. consensus expectation of analysts.
Revenue of $111.18 billion U.S. surpassed the $109.66 billion U.S. that was expected on Wall Street. Sales were up 17% from a year earlier.
The top and bottom-line beats were achieved despite iPhone revenue missing the mark. iPhone sales account for half (50%) of Apple’s revenue.
In what was this year’s first quarter, iPhone sales totaled $56.99 billion U.S., which fell short of the $57.21 billion U.S. anticipated by analysts.
Despite missing Wall Street’s target, iPhone sales rose 22% in the quarter from a year earlier.
Apple CEO Tim Cook said that the iPhone 17 is now the “most popular lineup in our history.”
Other important categories for Apple’s financial results included:
• Mac revenue: $8.4 billion U.S. versus $8.02 billion U.S. expected
• iPad revenue: $6.91 billion U.S. vs. $6.66 billion U.S. expected
• Wearables, Home and Accessories revenue: $7.9 billion U.S. vs. $7.7 billion U.S.
• Services revenue: $30.98 billion U.S. vs. $30.39 billion U.S. expected
• Gross margin: 49.3% vs. 48.4% expected
Looking ahead, Apple said that revenue in the current second quarter will increase between 14% and 17% from a year earlier. Analysts were expecting growth of 9.5%.
This was the first time Apple issued financial results since announcing last week that Tim Cook will be stepping down as CEO this September after 15 years on the job.
In addition to the financial results, Apple raised its quarterly dividend by 4% to $0.27 U.S. per share. The board of directors authorized a new $100 billion U.S. stock repurchase program.
AAPL stock has risen 34% over the last 12 months to trade at $284.80 U.S. per share.
Tech Insider
