A rewarding time for Apple
As reported by Apple, its revenue and profit surpassed the expectations of Wall Street analysts.
Apple’s revenue soared 9% to $91.8 billion, succeeding in beating its own guidance.
The success behind Apple’s earnings were partially boosted by iPhone revenue, which surged 8% on the strength of new iPhone models to $55.96 billion, as reported by CNBC.
“It was sort of a blockbuster quarter all the way around,” Apple CEO Tim Cook said in a discussion with CNBC’s Josh Lipton.
The Earnings Per Share of Apple was $4.99 against the estimated value of $4.55 according to Refinitiv data whereas the revenue was $91.8 billion versus $88.50 billion estimated.
The iPhone revenue was $55.96 billion versus $51.62 billion estimated and Services revenue was $12.7 billion versus $13.07 billion estimated.
Other products revenue ended up being $10 billion versus $9.52 billion estimate.
Q2 revenue guidance was $63 billion to $67 billion versus $62.45 billion.
“As you can see from the range, anticipates some level of issue there. Otherwise, we would not have a $4 billion range,” Cook stated.