Search
EN Down
Language
Hi, user_no_name
Live Chat

These were very good numbers from Apple with a beat on the top and bottom lines. Consumers are still extending the upgrade cycle and holding on to iPhones longer but stickyness in the Apple ecosystem remains strong.

Revenues rose 1% to $53.8bn, ahead of the $53.4bn expected. EPS was down 7% but at $2.18 ahead of the $2.10 expected.

Mac (+11%) and Wearables (+48%) offset to a degree the decline in iPhone sales. Outside of the iPhone Apple sales growth stood at a mighty 17%.

The 13% growth in Services sales is a disappointment, and represents another quarter of deceleration. However excluding a couple of one-off items the growth was more like 18%, according to Tim Cook.

The iPhone is still struggling with sales down 12%. The next refresh cycle may not offer much uplift though with 5G capability not expected until the 2020 round.

China was better thanks to a VAT cut but overall sales in Greater China were still down 22%.

Although Services revenue growth didn’t come through quite as anticipated this was nevertheless a very strong Q3 performance from Apple. Investors will be particularly impressed by robust Q4 guidance that’s ahead of the Street’s expectations. Revenues next quarter are seen between $61bn and $64bn versus expectations of $60.9bn.

Apple stock performance

Shares rallied through the important $211 level in after-hours trading. Heading into the open on Wall Street on Wednesday the stock seemed like it would open around $217. This marks a break past the big swing high from May.

 

Latest news

Nvidia stock plunged last week, erasing close to $300bn of the chipmaker’s market cap

Sunday, 21 April 2024

Indices

Nvidia stock leads Magnificent 7 in record weekly cap loss

FTSE 100

Sunday, 21 April 2024

Indices

FTSE 100 index rallies as Wall Street nurses chip losses

Tesla shares poised for 6th straight loss as Cybertruck recalls begin

Friday, 19 April 2024

Indices

Tesla shares drop again as Cybertruck recalls begin

Citi issues new gold price forecast, sees yellow metal at $3000 by year-end

Friday, 19 April 2024

Indices

Citi updates gold price forecast to $3,000 by year-end

Live Chat