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Apple Earnings: AAPL Stock Dips 1% Despite Q2 Beat

Apple (NASDAQ:AAPL) earnings for fiscal second quarter of 2020 have AAPL stock heading lower after-hours Thursday. That’s after reporting adjusted earnings per share (EPS) of $2.55 on revenue of $58.31 billion. For comparison, Wall Street was expecting adjusted per-share earnings of $2.26 on revenue of $54.54 billion.

Apple Earnings: AAPL Stock Dips 1% Despite Q2 Beat

Source: thanat sasipatanapa / Shutterstock.com

Let’s take a more thorough look at the most recent Apple earnings report below.

  • Adjusted EPS is up 4% from $2.46 during the same time last year.
  • Revenue for the quarter comes in 1% higher than the $58.02 billion reported in the fiscal second quarter of 2019.
  • Operating income of $12.85 billion is a 4.3% decrease year-over-year from $13.42 billion.
  • The Apple earnings report also has net income coming in at $11.25 billion.
  • That’s a 2.7% decline compared to its net income of $11.56 billion reported in the same period of the year prior.

Tim Cook, CEO of Apple, said this in the Q1 earnings report:

“Despite COVID-19’s unprecedented global impact, we’re proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables. In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive.”

Apple will be going over results from its earnings report in a conference call. That call will take place at 5:00 p.m. Eastern Time today. The call will be available on its website via a live stream.

AAPL stock was down 1.5% after-hours Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/04/apple-earnings-q2-drop-aapl-stock/.

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