advertisement
advertisement

Apple stock is up 5% after it narrowly beat revenue expectations

Apple shares are up in after-hours trading after the company announced a lukewarm June-ending quarter. Seasonally speaking, it’s a down quarter for Apple, as consumers hold off on upgrading their devices until they see new iPhones, which are always announced in the fall. After the closing bell today, Apple reported $45.4 billion in revenue on the strength of … Continue reading “Apple stock is up 5% after it narrowly beat revenue expectations”

Apple stock is up 5% after it narrowly beat revenue expectations
[Photo: Pascal Renet/Pexels]
advertisement
advertisement

Apple shares are up in after-hours trading after the company announced a lukewarm June-ending quarter. Seasonally speaking, it’s a down quarter for Apple, as consumers hold off on upgrading their devices until they see new iPhones, which are always announced in the fall.

advertisement

After the closing bell today, Apple reported $45.4 billion in revenue on the strength of 40.7 million iPhones sold in the quarter. Analysts surveyed by Factset expected exactly 40.7 million iPhones sold, and revenues of $44.9 billion. The company is projecting revenue of between $49 billion and $52 billion for the September-ending quarter, and gross margins of between 37.5% and 38%. Apple also said that its services business hit an all-time quarterly high.

We’ll have a fuller analysis after the conclusion of Apple’s call with analysts today.

About the author

Fast Company Senior Writer Mark Sullivan covers emerging technology, politics, artificial intelligence, large tech companies, and misinformation. An award-winning San Francisco-based journalist, Sullivan's work has appeared in Wired, Al Jazeera, CNN, ABC News, CNET, and many others.

More