Apple shares climb on upbeat earnings
Shares in Apple rose more than 2% in extended trading, after it beat on the top and bottom lines and provided an upbeat assessment of its outlook.
Earnings per share (EPS) came in at $1.52 per share, unchanged compared to the same quarter a year ago, and higher than the $1.43 anticipated by analysts. Revenue fell 2.5% to $94.8 billion. The market had forecast a 4.4% decline to $92.9Bln.
Apple raised its dividend by 1 cent to 24 cents a share.
(Video Transcript)
Apple shares rise on upbeat earnings
Apple shares rose more than 2% in extended trade last night on the IG platform after the US company reported better than expected numbers for its fiscal second quarter (Q2) figures.
Let's take a look at what we saw yesterday. Earnings per share (EPS) were $1.52, unchanged compared to the same quarter this time last year, and higher than $1.43 anticipated by analysts in the sector. Revenue fell 2.5% to $94.8 billion, but the market had forecast a 4.4% drop in revenues to $92.9. So again, despite the fact that it's down, it is better than expected. Apple raised its dividends as well by one cent to 24 cents a share.
iPhone sales were up 1.5% to 51.3 billion, expectations were for a 3.3% drop. A pretty solid performance if you consider that according to research firm, Canalys Global, that smartphone shipments fell 13% during the first three months of 2023. So you can see an outperformance there by Apple.
Share price chart
Let's take a look at the share price chart. I want to show you the 30-minute chart first of all, from where we started out late last night. We got this reporting in this part of the chart here. It fell initially and then we saw a recovery in the market taking us through to the close last night at $169.91.
Let's update you on what's been happening on the daily chart where yesterday intraday we saw the highest print in shares that we've seen since August 2022. So it really has been a stunning performance since the lows that we had there back in January. Since the beginning of the year, we have risen a whopping 38%.
Not all Apple products sharing the same upbeat numbers. Mac sales fell more than 30% but iPhone remains the central plank for this company.
Investors are still waiting for the company's next major hardware product. According to Bloomberg, a mixed reality headset could be unveiled as soon as next month. That's Apple, up all-sessions on the IG platform late last night.
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