Apple Inc. (AAPL) – Get a report stocks rose until a fresh high Friday, trading hard past the $ 400 mark for the first time since the tech giant posted third-quarter earnings, exploding as a result of a pandemic store closure and supply chain disruptions.
Apple said earnings for the three months ended June in the group’s fiscal third quarter were up 25.9% year-over-year to $ 2.58 a share, well ahead of the consensus forecast of 2.05 dollars per share. Apple told Apple that the group’s revenue rose 13.4% to $ 59.7 billion, an increase in each geographic region and across the product line.
IPhone revenue grew 2% year-over-year to a projected $ 26.4 billion, despite COVID-19 winds, thanks in part to a solid $ 399 iPhone SE debut earlier this year. IPad and iMac sales, meanwhile, rose 22% and 31%, respectively, when buying a computer at work. Revenue from services was tied to $ 13.2 billion, which is just ashamed of Apple’s latest records and up to 15% compared to last year.
“We’re very happy with how we did it on the iPhone. It was better than we thought largely because May and June were much better. If you look at the iPhone as a whole, the things that I’m very optimistic about are the size of the active established base, “Apple CEO Tim Cook told investors during a conference on Thursday.
“The established base is growing, and the number of new customers is still very high, and this is so that for me it is good for the future,” he added. “Obviously, as we mentioned, there is some work on home and distance learning that has a positive effect on Mac and iPad results.”
“They probably affect wearing and the iPhone, another direction. And – but on the Mac and iPad, these are performance tools that people use to stay busy or stay busy at school,” Cook said. “And we believe we’re going back to the school season. Sitting here today, it definitely looks like that.”
Shares of Apple were 6.2% higher in the first Friday’s trade, changing hands by $ 408.35 each, which will expand the annual growth of shares to about 40% and estimate the Cupertino-based company in California, about 1, $ 78 trillion.
The impact of the stock on the Dow Jones industrial average, however, is expected to diminish next month after the group announced a four-on-one split, which takes effect on August 31. 7% – $ 410 per share adds about 185 points to the Dow. Such an increase of $ 110 per share would add only 46 points to the weighted average.
Apple declined to offer a short-term earnings forecast, “given the uncertainty around the world” and the continued impact of COVID-19, but said it expects continued profits for the iPhone, despite possible delays of “several weeks” during its iPhone 12 launch in September.
“The guide provides long-term double-digit growth for all hardware products except the iPhone on the Q4 / F20, and iPhone phones are facing complex growth compared to the launch of a new product coming in a few weeks or now in December,” said analyst T. Canaccord Genuity. Michael Wally, who carries a buying rating with a price price of $ 460 per share.
“Starting with Q1 / F21, we believe that Apple is streamlined to take advantage of the upgrade cycle to 5G, and anticipates that strong iPhone growth will contribute to overall strong growth trends as 5G ramps for smartphones and Apple continues to build on its base. and services with higher margins of income, “he added. “Apple’s ecosystem approach, including an installed base of more than 1.6 billion devices worldwide, must continue to generate strong service revenue. We expect higher-margin revenue growth to outpace the company’s overall growth.”