Apple earnings beat sends $AAPL market cap above $900 billion after hours
Apple reported earnings per share of $2.07, up 24% year over year, on sales of $52.6 billion, up 12%, for the period ended Sept. 30. Analysts expected earnings of $1.87 a share on sales of $50.79 billion.
Apple ($AAPL): Q4 EPS of $2.07 beats by $0.20.
Revenue of $52.6B (+12.3% YoY) beats by $1.81B.
“We’re happy to report a very strong finish to a great fiscal 2017, with record fourth quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for Services. With fantastic new products including iPhone 8 and iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K joining our product lineup, we’re looking forward to a great holiday season, and with the launch of iPhone X getting underway right now, we couldn’t be more excited as we begin to deliver our vision for the future with this stunning device.”
~Tim Cook, Apple’s CEO
“Apple’s year-over-year revenue growth rate accelerated for the fourth consecutive quarter and drove EPS growth of 24 percent in the September quarter. Apple’s CFO. “We also generated strong operating cash flow of $15.7 billion and returned $11 billion to investors through our capital return program.”
~Luca Maestri, Apple’s CFO
Apple said it had sold 46.7 million iPhones in the quarter
Revenue from iPhone sales rose 2% year over year to $28.85 billion. iPhone hardware sales accounted for nearly 55% of total company revenue in the September quarter. Services unit is the company’s second largest at 16% of sales. Services sales rose 34% to $8.5 billion. Services include the App Store, iCloud, Apple Music and other offerings. Apple’s Mac computer unit is its third largest, at 14% of sales. Mac sales rose 25% to nearly $7.2 billion. iPad revenue grew 14% to $4.8 billion.
Apple said it expected revenue for the Christmas quarter to come in at between $84 billion and $87 billion. That forecast was well above the $78.4 billion that Apple generated during last year’s holiday quarter
Apple is providing the following guidance for its fiscal 2018 first quarter:
• revenue between $84 billion and $87 billion
• gross margin between 38 percent and 38.5 percent
• operating expenses between $7.65 billion and $7.75 billion
• other income/(expense) of $600 million
• tax rate of 25.5 percent