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Apple stock surges 6% before hours after blowout earnings

Apple stock news

“Apple delivers blowout earnings amid COVID-19, market shrugs off iPhone delays.

Apple Inc on Thursday delivered blowout quarterly results, reporting revenue gains across every category and in every geography as consumers working and learning from home during the COVID-19 pandemic turned to its products and services.

The report topped Wall Street expectations, with even long-overshadowed categories like iPads and Macs getting a boost. Shares rose as much as 6% in extended trading after the results.

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.

Apple Chief Financial Officer Luca Maestri also confirmed supply chain rumblings that the new lineup of iPhones, usually released in late September, would face delays of a few weeks.

But executives predicted continued strong performance from the company’s products.

Other major tech companies Amazon.com Inc and Facebook Inc also posted results that topped Wall Street targets, sending their shares up.

With 60% of sales coming from international markets, the Cupertino, California-based company posted iPhone revenues of $26.42 billion, $4 billion above analyst expectations, according to IBES data from Refinitiv.

In an interview with Reuters, CEO Tim Cook said that after disruptions in April, sales began to pick back up in May and June, helped by what he called a “strong” launch for the $399 iPhone SE introduced in April.

“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.

The continued growth in services and accessories also showed the durability of the company’s brand, which has prompted investors to view it as a comparative safe haven and pushed up share prices since March.

The company 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% to $9.33 billion.

“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 also announced a 4-for-1 stock split, saying it wanted to keep shares accessible to a broad range of investors. Shares soared past $400 for the first time Thursday, though they had been proportionally higher before a 7-for-1 split in 2014.

Apple’s fiscal third-quarter revenue and profits were $59.69 billion and $2.58 per share, compared with analyst expectations of $52.25 billion and $2.04 per share.

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. Cook told Reuters that Apple has 550 million paying subscribers on its platform, up from 515 in the previous quarter.

Sales in the wearables segment that includes the Apple Watch rose 16.7% to $6.45 billion, compared with estimates of $6.0 billion.”

Stock market data: https://finance.yahoo.com/news/apple-delivers-blowout-earnings-amid-015457090.html

Apple stock chart

Apple stock chart
Apple stock chart

Stock market data: Stockscharts


AAPL stock price weekly performance for June 25, 2020

AAPL stock price

AAPL stock closed at $353.63, -11.21 -3.07% on June 26, 2020. Shares of Apple (NASDAQ:AAPL) had a weekly performance of +1.12% for the week ending on June 26, 2020.

AAPL stock chart

AAPL stock chart
AAPL stock chart

Stock market data: Stockscharts, MarketWatch


Apple stock made a new 52-week today June 23, 2020

Apple stock news

Apple stock at 2:33 PM, ET time today has a stock price of 370.63+11.76 (+3.28%). Earlier today shares of Apple Inc. (AAPL) made a new 52-week high at 372.37. The day’s range is 362.28 – 372.37 as of the time reported. Stock market open.

Stock market data: Yahoo Finance


AAPL stock price performance for the week ending on June 12, 2020

AAPL stock price

AAPL stock closed at 338.80+2.90 (+0.86%) on Friday, June 12, 2020. For the week ending on June 12, 202o AAPL stock had a performance of +2.20% Shares of Apple Inc. (NASDAQ::AAPL) made a new 52-week the previous week. Apple stock has a 52-week range of 192.17 – 354.77. Apple stock has a Beta (5Y Monthly) of 1.17, a PE Ratio (TTM) of 26.62, and a Forward Dividend & Yield of 3.28 (0.98%). Apple has a market capitalization of 1.468T as of June 12, 2020.

Stock market data: Yahoo Finance, MarketWatch

AAPL stock chart

AAPL stock chart
AAPL stock chart

Source: Stockscharts



Apple stock closed very near to its 52-week high on June 3, 2020

Apple stock news

On June 3, 2020, Apple Inc. (AAPL) stock closed at 325.12+1.78 (+0.55%). The 52-week range for AAPL stock is 182.15 – 327.85. The stock has a forward dividend & yield of 3.28 and 1.01% respectively, and a PE Ratio (TTM) of 27.34.

Source: Yahoo Finance

Apple stock daily chart

Apple stock daily chart
Apple stock daily chart

Source: Stockscharts.com