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Apple rises as earnings and iPhone sales smash expectations

Published Tue, Jan 28 20203:45 PM ESTUpdated Moments Ago

Kif Leswing@kifleswing

·         Apple reported revenue and profit significantly higher than what Wall Street analysts expected and the stock spiked over 3% in after-hours trading on Thursday.

·         It’s Apple’s biggest quarter of the year and includes important holiday sales.

·         Apple beat its own projection 

Apple CEO Tim Cook arrives for Apples “The Morning Show” global premiere at Lincoln Center- David Geffen Hall on October 28, 2019 in New York.

Angela Weiss | AFP | Getty Images

Apple reported revenue and profit significantly higher than what Wall Street analysts expected and the stock spiked over 3% in after-hours trading on Thursday.

Apple’s revenue was up 9% to $91.8 billion, beating its own guidance, a change from the same quarter last year when it had to revise its revenue guidance down based on weakness in China. 

Apple’s earnings were partially powered by iPhone revenue, which was up 8% on the strength of new iPhone models to $55.97 billion. 

Apple’s services business, which comprises online software like iCloud, warranties like AppleCare, and content like Apple TV+, was up 17% year-over-year to $12.7 billion.

“It was sort of a blockbuster quarter all the way around,” Apple CEO Tim Cook told CNBC’s Josh Lipton.

Here’s how Apple did compared to Refinitiv consensus estimates:

·         EPS: $4.99 vs. $4.55 estimated

·         Revenue: $91.8B vs $88.50 billion estimated

·         iPhone revenue: $55.97 vs. $51.62 billion estimated

·         Services revenue: $12.7 vs $13.07 billion estimated

·         Other Products revenue: $10B vs. $9.52 billion estimate

·         Gross Margin: 38.4% vs 38.1% estimated

·         Q2 revenue guidance: $63 billion to $67 billion vs. $62.45 billion

·         Q2 margin guidance: 38% to 239% vs. 38.2%

However, Apple’s range of guidance for next quarter is wider than typically, a change that Cook attributed to uncertainty caused by the deadly coronavirus, which has shut down travel in China.

“There’s more uncertainty, it’s a very fluid situation,” Cook said.

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