Shares are up about 5.2% in after-market trading. But there’s something for bulls and bears alike in the quarterly announcement — which Wall Street is closely watching following the 42% decline in Apple’s stock price since September. The company generated net income of $9.5B in the quarter, -17.9% from the period last year, on revenues of $43.6B, +11.3%. The revenue figure beat analysts’ projections for $42.6B. Earnings per share at $10.09 also are slightly ahead of the consensus forecast of $10.07. Still, this was the first time in a decade that Apple’s year-over-year earnings have fallen. And the company’s guidance for the current quarter fell short of expectations: The company says revenues could end up as high as $35.5B, below forecasts of around $38.6B. It also projects a gross profit margin of as much as 37%, shy of projections for 38.6%. CEO Tim Cook lauded the “continued strong performance of iPhone and iPad.” Apple sold 37.4M iPhones in the March quarter (+6.6%), and 19.5M iPads (+65.3%). But Mac sales declined 1.6% to “just under” 4M, and iPods dropped 26.6% to 5.6M. Cook adds that the company is “hard at work on some amazing new hardware, software and services, and we are very excited about the products in our pipeline.” We’ll see if he offers more details shortly when he takes questions from Wall Street analysts.
Apple Fiscal Q2 Earnings Beat Forecasts But Guidance Falls Short Of Expectations
What's Hot on Deadline
'Jungle Book' Tide Rises & Drowns 'Keanu', 'Mother's Day' & 'Ratchet & Clank' - Saturday Night Update
Obama's Final White House Correspondents' Dinner Kicks Off With Will Smith, Priyanka Chopra, Bryan Cranston, WME & UTA Brass
Latest Business News
- Larry Wilmore Savages Media, Ignites Controversy During White House Correspondents Dinner Skewering
- Labor Department: Art Directors Guild Exec Director Is “Officer” & Must Stand For Election
- How A DreamWorks-Illumination Combo Beats Disney At The B.O.
- NFL Draft Day 1 Viewership Down From 2015; ‘Big Bang Theory’ Wins Demo
- Time Warner’s Jeff Bewkes Made $31.5M in 2015, Down 4.3%
- Home Entertainment Spending Fell 9% In Q1 Not Including Streaming Services