Apple Shares Surge as Earnings, Revenue, and Forecast All Beat Estimates

Computer and mobile device giant Apple Inc. posted better-than-expected fiscal third quarter earnings results after hours on Tuesday, sending the shares spiking up more than 6%.

The Cupertino, CA-based company posted fiscal Q3 earnings of $1.42 per share on $42.4 billion in revenue. On average, Wall Street analysts had expected $1.38 per share on $42.1 billion in sales. Apple’s product metrics included:

  • Q3 iPhone sales of 40.4 million units, down from 47.5 million last year, but above consensus estimates of 40.2 million.
  • Q3 iPad sales of 9.95 million, down from 10.9 million but way above Wall Street’s estimate of 8.7 million.
  • mln ests vs 10.9 mln last year.
  • Q3 Mac sales of 4.2 million, down from 4.4 million last year, and below analyst estimates of 4.6 million.

Looking ahead, Apple forecast fourth quarter revenues to range from $45.5 to 47.5 billion, which could easily beat the $45.8 billion Wall Street was targeting.

In another piece of interesting news, Apple’s cash hoard decreased to $231.5 billion in the period, the first such drop in seven quarters. Perhaps the company is spending a bit more on R&D, as it may have an Apple Car in the works.

Apple Inc. (NASDAQ:AAPL) shares rose $6.29 (+6.51%) to $102.96 per share in aftermarket trading.

AAPL-2016-07-26-AH

Stay tuned, as later this week we’ll have more in-depth coverage of Apple’s big rebound, earnings potential, product pipeline, and much more.

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