Apple Earnings: AAPL Stock Surges as Q2 Earnings Decline, Top Estimate

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Apple (NASDAQ:AAPL) reported its latest quarterly earnings results late today, bringing in a profit that came in ahead of what analysts called for despite falling year-over-year, propelling AAPL stock to increase more than 5% after hours.

Apple Earnings
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The Cupertino, Calif.-based tech giant announced that for its second quarter of its fiscal 2019, it brought in net income of $11.6 billion, or $2.46 per share. The figure marked a 15.9% decline when compared to its year-ago net income of $13.8 billion, or $2.73 per share.

However, Apple’s earnings did top the Wall Street consensus estimate of $2.36 per share, according to data compiled by FactSet on its survey of analysts. The company’s revenue tallied up to $58 billion, which marked a decline of 5% when compared to its sales of $61.1 billion when compared to its year-ago quarter.

The revenue did beat the $57.5 billion that Wall Street called for in its consensus estimate, according to a survey of analysts of FactSetApple added for the period, it brought in $5.5 billion in Mac revenue, $4.9 billion in services revenue, $5.1 billion in wearables and home revenue, as well as $11.5 billion in services revenue.

The company also announced that its board gave the green light for an additional $75 billion in share repurchases, as well as a 5% increase to its dividend, meaning its new quarterly dividend will be 77 cents per share. The company has ceased to report its iPhone units sales, but iPhone revenue met the Wall Street outlook at $31.1 billion, according to FactSet.

AAPL stock fell about 5.3% after the bell on Tuesday following the company’s impressive quarterly earnings showing. Shares had been down about 1.9% during regular trading hours.


Article printed from InvestorPlace Media, https://investorplace.com/2019/04/apple-earnings-aapl-stock-surges-as-q2-earnings-decline-top-estimate/.

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