Apple (AAPL) Stock Surges on Q3 Earnings Beat

Apple (NASDAQ:AAPL) stock was rising late in the day Tuesday as the company reported its latest quarterly earnings results, which came in above Wall Street’s expectations.

Apple (AAPL)
Source: Apple

The tech giant said that it amassed adjusted earnings of $2.34 per share for its third quarter of fiscal 2018, which was 16 cents better than the $2.18 per share that analysts were calling for, according to data compiled by Thomson Reuters in its consensus estimate.

Apple also said that it posted a revenue beat as the company brought in sales of $53.3 billion for the quarter, which is better than the $52.34 billion that analysts were calling for, according to data compiled by Thomson Reuters.

The company added that its iPhone sales for the period came in at 41.3 million, which was below what Wall Street projected at 41.79 million, according to data compiled by StreetAccount. Apple’s earnings were considerably better than they were in the year-ago quarter, growing 40%, while its revenue was up by about 17% year-over-year.

However, the company’s flagship smartphone device underwhelmed in its total sales during the third quarter as the figure was essentially flat compared to the year-ago quarter. Apple added that the company amassed $9.55 billion in software and services revenue for the period, which was well ahead of the Wall Street guidance for its third quarter at $9.21 billion.

AAPL stock gained 2.4% on Tuesday after the bell and 0.2% during regular trading hours.

Article printed from InvestorPlace Media,

©2022 InvestorPlace Media, LLC