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Apple Records Soaring iPhone Sales Above Wall Street Expectations

By John F. Heerdink, Jr.

Dow 30 component Apple (AAPL) has revolutionized personal technology with the introduction of the Macintosh in 1984. Today Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to “leaving the world better than they found it.

Apple reported strong sales and profits for the quarter performing above Wall Street expectation triggered by a rise in iPhone sales and high demand for its wireless headphones, AirPods. Chief Executive, Tim Cook informed that the company used a wider-than-normal prediction range because of the coronavirus outbreak in China, also Apple has shut one store in China and is restricting employee travel due to the outbreak.

The number of active iPhones, computers and other devices owned by customers, increased by 100 million to more than 1.5 billion over the past year. The company forecast $63.0 billion to $67.0 billion in revenue for the quarter ending in March, ahead of estimates of $62.4 billion.

Apple reported $91.8 billion in revenue for the quarter ending Dec. 28, compared with analyst estimates of $88.5 billion, according to IBES data from Refinitiv. Apple generated services revenue of $12.7 billion, below analyst estimates of $13 billion, and up from $10.9 billion the year before. Strengthening its subscription service, Apple informed now it has more than 1.5 billion active installed devices and 480 million subscribers including both its own and third-party paid services, in comparison to 1.4 billion devices and 360 million subscribers a year earlier.

Many predict that services revenue eventually will boost Apple’s gross margins, which were 38.35% in the December quarter in comparison to 38.06%.

Apple’s wearables segment along AirPods and Apple Watch hit $10B in revenue versus estimates of $9.5 billion and above $7.3 billion the year before.

Apple reported earnings per share of $4.99, compared with analyst estimates of $4.55 per share. For the quarter ending in March, Apple foresees gross margins of between 38.0% and 39.0%, compared with analyst estimates of 38.2%. Shares of Apple rose 2% in after-hours trade after the release.

To learn more about Apple (AAPL) and track its ongoing progress at Vista Partners Apple (AAPL), Coverage Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: Apple iPhone back to growth after a year’s slump in CNBC)


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