Apple Inc. (NASDAQ:AAPL) shares were higher late Tuesday as the company unveiled its latest quarterly earnings and revenue results, which topped analysts’ expectations.
The tech giant unveiled adjusted earnings of $2.73 per share for its second quarter of fiscal 2018, which was six cents ahead of the Wall Street consensus estimate of $2.67 per share, according to data compiled by Thomson Reuters.
Apple’s revenue was also ahead of the mark at $61.1 billion for the period, beating the $60.82 billion that analysts were calling for on their guidance, according to Thomson Reuters. The company’s iPhone shares were below analysts’ outlook however, but the company managed to bring in more revenue than projected through its services business.
The company’s iPhone unit sales came in at 52.2 million, below the 52.54 million that analysts polled by StreetAccount estimate. Apple also offered Wall Street a $100 billion capital return program.
The company added that its fiscal third quarter will bring in revenue in the range of $51.5 billion to $53.5 billion, which the median consensus estimate of $52.5 billion beating the Thomson Reuters forecast of $51.61 billion.
Apple has also faced greater competition in China as the country’s homegrown companies such as Huawei and Xiaomi have been performing exceedingly well. Nevertheless, the company’s revenue has increased in all of its geographic segments, including over 20% growth in Great China and Japan.
The company has beaten earnings expectations in 19 of its last 20 quarters.
AAPL stock was up 3.8% after the bell Tuesday.
