Consumer Electronics
Why Apple Is Still Top Dog After These Earnings
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Apple Inc. (NASDAQ: AAPL) released fiscal third-quarter financial results after markets closed Tuesday. The iPhone giant said that it had $2.34 in earnings per share (EPS) on $53.3 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $2.18 in EPS on $52.34 billion in revenue. The same period of last year had $1.67 in EPS on $45.41 billion in revenue.
In this quarter, the firm reported its product sales as follows:
Apple’s board of directors has declared a cash dividend of $0.73 per share of the common stock. The dividend is payable on August 16.
Regarding guidance for the fiscal fourth quarter, the company expects to see revenues in the range of $60 billion to $62 billion and gross margin in the range of 38.0% to 38.5%. The consensus estimates call for $2.65 in EPS on $59.57 billion in revenue.
Tim Cook, Apple’s CEO, commented:
We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth. Our Q3 results were driven by continued strong sales of iPhone, Services and Wearables, and we are very excited about the products and services in our pipeline.
Shares of Apple closed Tuesday at $190.29, with a consensus analyst price target of $203.22 and a 52-week range of $148.41 to $195.96. Following the announcement, the stock was up 2% at $194.39 in the after-hours session.
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