How Apple Did It Again in Q1

Technology

Published: April 30, 2019 5:01 pm

Last Updated: January 30, 2020 9:19 pm

Apple Inc. (NASDAQ: AAPL) reported fiscal second-quarter financial results after markets closed Tuesday. The iPhone giant said that it had $2.46 in earnings per share (EPS) and $58 billion in revenue, compared with consensus estimates that called for $2.36 in EPS and $57.37 billion in revenue. The same period from last year had $2.73 in EPS and $61.14 billion in revenue.

The board of directors has declared a cash dividend of $0.77 per share of the common stock, an increase of 5%. The dividend is payable on May 16, 2019, to shareholders of record as of the close of business on May 13.

In its most recent quarter, the firm reported its product sales as follows:

iPhone pulled in revenues of $31.05 billion, a decrease of 17.3% year over year.
Mac revenues decreased by 4.6% to $5.51 billion.
iPad revenues increased 21.6% to $4.87 billion.
Services revenues increased by 16.2% to $11.45 billion.
Other Products revenues increased by 30.0% to $5.13 billion.

Regarding guidance for the fiscal third quarter, the company expects to see revenues in the range of $52.5 billion to $54.5 billion and a gross margin of 37% to 38%. The consensus estimates call for $2.07 in EPS on $51.93 billion in revenue for the coming quarter.

Tim Cook, Apple’s CEO, commented:

Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record. We delivered our strongest iPad growth in six years, and we are as excited as ever about our pipeline of innovative hardware, software and services. We’re looking forward to sharing more with developers and customers at Apple’s 30th annual Worldwide Developers Conference in June.

Shares of Apple closed at $200.67, with a 52-week range of $142.00 to $233.47. The stock has a consensus analyst price target of $202.77. Following the announcement, the stock was up about 4% at $209.28 in the after-hours trading session.