Forex Marketz Daily Forex News – Fully Markets Update
Shares of the US based technology giant Apple, Inc. (Nasdaq: AAPL) soared 6.7 percent in after-hours trade. Shares climbed to just shy of $160, up from $150, following the company’s third quarter (Q3) earnings call. Revenue turned came in stronger than expected. Revenue was at $45.41 billion. Expectations were at versus $44.95 billion. Net income, which takes into account costs, came in at $8.72 billion. This was lower than the second quarter print, which came in at $11.03 billion.
Other areas from today’s earning report, from Apple were down from the previous quarter. Earnings per share topped estimates. EPS came in at $1.67 versus $1.57 expected. However, this is down from $2.10 seen in the second quarter. IPhone sales failed to live up to expectations. The company sold 41.0 million units. This was short of the 41.1 million target. This was also less than what was sold in the second quarter, at 50.8 million units sold.
Apple CEO Tim Cook is Optimistic
Tim Cook, CEO of Apple, Inc., said that revenue is up seven percent annually and that this was a third consecutive month of accelerating growth. He also noted that the third quarter marked a quarterly record growth for service revenue. Apple’s Chief Financial Officer (CFO), Luca Maestri, stated that unit and revenue growth in all of the product categories drove a 17 percent growth in the EPS.
Future growth estimates is what drove the shares, after hours. The company sees that fiscal year fourth quarter revenue will grow between $49 billion and $52 billion. This forecast includes a range that is an upgrade over the prior estimate of $49.12 billion.
