advertisement
advertisement

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]

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 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.

advertisement
advertisement