Tue, May 21, 2024

Apple achieved better-than-expected revenue results

Apple achieved results better than expected

Apple has announced earnings data for its second fiscal quarter, and it had better-than-expected revenue results. Financial results generally beat analysts’ earlier expectations, driven by strong iPhone sales.

However, Apple’s overall revenue fell for the second quarter. Shares of the tech giant rose nearly 2 percent in extended trading last night after the market closed and continued to rise when Apple reported guidance for the current quarter to a level of $169.62 apiece.

Of the standout data, earnings per share came in at $1.52 (vs. $1.43), and total revenue came in at $94.84 billion (vs. $92.96 billion expected, but down vs. to the previous quarter).

Apple reported $24.16 billion in net income during the quarter, compared with $25.01 billion in the prior quarter, while total revenue fell three percent from $97.28 billion in the first fiscal quarter.

Revenues from iPhone sales were the main profit generators at $51.3 billion in a situation where the global mobile phone market experienced a decline of as much as 15 percent.

Apple’s expected drop in income

Analysts also note that sales of Mac computers continue to slide slightly, resulting in 7.17 billion dollars. On the other hand, revenues from services continue to grow, and with the achieved 20.91 billion dollars, they encourage further optimism from investors, reported CNBC.

Apple’s finance director, Luca Maestri, said the company expects total revenue to decline by around three percent in the current quarter.

He added that the company faces macroeconomic challenges in digital advertising and mobile games, part of Apple’s services business.

The company decided to increase the dividend by four percent, to 24 cents per share.

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