Apple Earnings: AAPL Stock Heads 5% Higher on Q3 Beats

AAPL EPS and revenue beat out estimates

Apple (NASDAQ:AAPL) earnings for the tech company’s fiscal third quarter of 2020 have AAPL stock taking off after-hours Thursday. That comes after reporting diluted earnings per share of $2.58, which is above Wall Street’s estimate of $2.04. Its revenue of $59.69 billion also beats out analysts’ estimate of $52.25 billion.

Image of Apple's (AAPL) iPhone boxes lined up on table
Source: Mykola Churpita / Shutterstock.com

Let’s take a closer look at what else went right for Apple in its most recent earnings report.

  • Diluted per-share earnings are up 18% from $2.18 in the fiscal third quarter of 2019.
  • Revenue comes in 11% higher than the $53.81 billion reported in the same period of the year prior.
  • Operating income of $13.09 billion is a 13.4% increase year-over-year from $11.54 billion.
  • The Apple earnings report also includes a net income of $11.25 billion.
  • That’s a 12.1% improvement over the company’s net income of $10.04 billion from the same time last year.

Tim Cook, CEO of Apple, said this about the current earnings results.

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments. In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation.”

Apple doesn’t discuss guidance in its fiscal Q3 earnings report. That makes sense with the novel coronavirus making markets unpredictable. Many other companies are withholding outlooks at this time.

AAPL stock was up 4.9% after markets closed on 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/2020/07/apple-earnings-boost-aapl-stock-up/.

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