Apple Earnings: AAPL Stock Surges on Q1 EPS Beat

Apple earnings (NASDAQ:AAPL) were released late in the day on Tuesday and the company’s results came in ahead of what analysts were calling for in the Wall Street consensus estimate, helping to send AAPL stock surging more than 4% after hours.

Apple Earnings
Source: Apple

The tech giant said that for its first quarter of its fiscal 2019, it brought in earnings of $4.18 per share, coming in ahead of the $4.17 per share that analysts were calling for, according to data compiled by Refinitiv. Apple also brought in revenue of $84.3 billion, which was better than the $83.97 billion that Refinitiv called for.

The smartwatch maker added that its revenue for its services segment for the period tallied up to $10.9 billion, which was a 29% gain compared to what it amassed during its first quarter of fiscal 2018. The tech giant added that its iPhone revenue for its first quarter was $51.98 billion, below the $52.67 billion that analysts polled by Refinitiv called for.

Plus, Apple’s iPad sales brought in $6.73 billion, its Mac revenue was $7.42 billion and its wearables, home and accessories categories brought in $7.31 billion in sales. The Wall Street consensus estimate was calling for these figures to come in at $5.90 billion, $7.42 billion and $7.33 billion respectively.

For its second quarter of its fiscal 2018, the company sees its revenue as being between $55 billion and $59 billion, with its midpoint guidance of $57 billion missing the $58.83 billion that Wall Street forecasts.

AAPL stock is up more than 4% after the bell following the company’s strong quarterly earnings showing on Tuesday. Shares had been declining more than 1% during regular trading hours.

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