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The fiscal third-quarter results, which included iPhone sales some $4 billion above analyst expectations, came on the same day that U.S. gross domestic product collapsed at a 32.9% annualized rate last quarter, the nation’s worst economic performance since the Great Depression.
“China remains a key ingredient in Apple’s recipe for success as we estimate roughly 20% of iPhone upgrades will be coming from this region over the coming year,” Daniel Ives of Wedbush Securities said in a note.
Apple (ticker: AAPL) shares are up 96% over the last 12 months to a recent $309. The work-from-home trend helped Apple boost sales by 11 percent last quarter — and now it’s reducing its stock price by 75 percent to attract new investors. Apple smashed earnings and sales expectations this quarter when it reported its results on July 30, 2020, as the continuing antitrust investigation does not … "Each Apple shareholder of record at the close of business on Aug. 24 will receive 3 additional shares for every share held. Sales in its services segment, which also includes offerings such as iCloud and Apple Music, rose 14.8% to $13.16 billion, compared with and analyst expectations of $13.18 billion.
"In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation," Apple CEO Tim Cook said in a press release.Analysts will also likely be looking for clues about whether Apple's anticipated 5G iPhone is on track to launch during its usual fall timeframe during the company's earnings call — especially since Apple didn't issue Q4 revenue guidance. Apple benefited from remote work and learning trends, reporting sales in its iPad and Mac segments of $6.58 billion and $7.08 billion, which beat expectations of $4.88 billion and $6.06 billion. On Wednesday, Cook faced questions from U.S. lawmakers about Apple’s practices related to the store, which have come under fire from independent app developers who say its rules and unpredictable approval process put them at a disadvantage against the iPhone maker. Its mask-wearing employees escaped infectionAfter blockbuster quarter, Salesforce lays off nearly 1,000 employees
Wall Street analysts expect Apple's last quarter showed shrinking revenue and profits due to the COVID-19 pandemic.
But executives predicted continued strong performance from the company’s products. See Apple Inc. (AAPL) stock analyst estimates, including earnings and revenue, EPS, upgrades and downgrades.
The iPhone maker has had a rollercoaster quarter, triumphantly reopening its stores across the country after an extended shutdown before having to shutter a number of them when cases began to climb again.For the second earnings report in a row, Apple did not give a forecast for the upcoming quarter, citing uncertainty brought on by the virus.
Apple did not give a fiscal fourth-quarter forecast. Sales of the company’s iconic iPhone clocked in at around $26.4 billion, a gain of less than 2 percent over last year — but it still bested analysts’ expectations by $4 billion.
Apple didn't issue guidance for its fiscal third quarter because of the pandemic.
Analysts expect the company to have struggled in the third quarter, with revenue forecast to have dropped by 3.5% to $51.9 billion, as earnings declined 7.1% to $2.03 per share. The numbers were fueled by a “strong” launch for Apple’s new budget iPhone SE, which was introduced in April, CEO Tim Cook said.“I think the economic stimulus that was in place — and I’m not just focused on the U.S., but more broadly — was a help,” Cook said in an interview with Reuters.The company also saw strong sales in its greater China region, where aggressive pricing during a June holiday shopping season and lower-priced iPhone SE model released in April helped boost sales 2 percent to $9.3 billion from $9.16 billion a year earlier.Sales in its services segment, which includes businesses like iCloud and Apple Music, rose 14.8 percent to $13.2 billion, compared with $11.5 billion in the year-ago quarter.Apple’s wearables, which include the Apple Watch and mega-popular AirPods, rose 16.7 percent to $6.5 billion, surpassing forecasts of $6 billion.Apple did not give a fiscal fourth-quarter forecast.Recent reports indicate that Apple’s next lineup of iPhones will be announced in the “latter half of October.” The date is later than its traditional September launch, but will still see the company’s first 5G iPhone hit stores just in time for the all-important holiday season.Apple shares are up 30 since its last earnings report, and briefly hit an all-time high of $399 earlier this month. “I think the economic stimulus that was in place - and I’m not just focused on the U.S., but more broadly - was a help,” Cook told Reuters.
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