Apple Tops Street 1Q Forecasts
Apple Inc. on Tuesday reported fiscal first-quarter net income of $17.89 billion.
On a per-share basis, the Cupertino, California-based company said it had profit of $3.36.
The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $3.22 per share.
The maker of iPhones, iPads and other products posted revenue of $78.35 billion in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $76.93 billion.
For the current quarter ending in April, Apple said it expects revenue in the range of $51.5 billion to $53.5 billion. Analysts surveyed by Zacks had expected revenue of $52.79 billion.
Apple shares have climbed nearly 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen nearly 2 percent. Shares closed Tuesday’s trading session at $121.35, a climb of 26 percent in the last 12 months.
In aftermarket trading Tuesday, the shares were up $3.75, or 3.1 percent, to $125.10.
To Read The Full Story
Are you already a subscriber?
Click "Sign In" to log in!
Become a Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Become a Print + Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Renew Print + Web Subscription
Click “Renew Subscription” below to begin the process of renewing your subscription.
