Like many tech CEOs delivering earnings reports, Cook also discussed artificial intelligence. The increase came “despite the challenging macroeconomic environment,” he said in the statement. That’s just a 1.5% rise from a year ago but marked a record performance for a March quarter, Chief Executive Officer Tim Cook said. The company also said it would continue to see a negative impact from foreign exchange rates.Īpple generated $51.3 billion in sales from the iPhone - its flagship product - in the second quarter, topping analyst predictions of $49 billion. On a conference call with analysts, Apple said that revenue in the current period would drop by a similar amount as in the past quarter, which ended April 1. That compared with an average estimate of $1.43 a share. Earnings, meanwhile, were unchanged from a year earlier, at $1.52 a share. Though the performance was better than expected, it marked two straight quarters of sales declines - a first for Apple since the pandemic began. They had closed at $165.79, up 28% for the year. The shares gained 2% in late trading after the report was released. The company also raised its quarterly dividend 4% to 24 cents a share. Apple’s sales in China - a weak spot for other tech companies - also came in a bit better than expected.Īs expected, Apple announced plans for $90 billion in stock repurchases - the same as last year’s plan. It’s a particular relief for investors after Qualcomm Inc., a key supplier, raised fresh concerns about phone demand earlier this week. The results suggest that Apple is beginning to recover from a slump that’s plagued both the computer and smartphone industries. Though the sales fell 2.5% in the period, Apple had warned investors to expect a drop of roughly twice that. Overall revenue amounted to $94.8 billion in the fiscal second quarter, according to a statement Thursday, exceeding the $92.6 billion analysts predicted.
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