Apple surprises with strong iPhone sales, record Q2 revenue

Apple surprises with strong iPhone sales, record Q2 revenue

Apple surprises with strong iPhone sales, record Q2 revenue

The company plans to spend $10 billion opening and expanding data centers in the US and another $20 billion on other long-term projects, but it's unclear how much of that Apple would have spent anyway.

AAPL has been the subject of several other reports.

Investors have also anxious that Apple's influence in China, the company's No 2 market, is waning amid stronger competition from Chinese rivals.

It's unlikely that Cook would have admitted to any weakness during Apple's earnings call anyway, though he might have avoided mentioning its sales had the device been considered a failure: Of the Homepod, widely considered a costly flop, Cook only said the device "is a breakthrough speaker that delivers incredible sound, and we believe it will change the way people listen to music at home". However, in true Apple style, the company squashed down these estimates and reported nearly envious numbers. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, thirty-three have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of "Buy" and a consensus price target of $203.58.

Shares jumped on the report, rising 3.8 percent to $175.49 in after-hours trading. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.74. The firm has a market cap of $838,531.38, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 1.26 and a beta of 1.26.

Apple (AAPL) late Tuesday reported "another great quarter" for its Apple Watch smartwatch. According to an analyst at KGI Securities, Ming-Chi Kuo, the lower-priced iPhone will come with a liquid crystal display screen measuring 6.1 inches and will sell for $550. During the same period a year ago, the business earned $2.10 earnings per share.

The cash Apple earmarked for stock buybacks is about twice the US$50 billion market capitalisation of electric-car maker Tesla. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued. To that end, Maestri told investors that he expected Apple's revenue to hit between US$51.5 billion and US$53.5 billion (between RM202 billion and RM210 billion) by June this year, with a tax rate of approximately 14.5%. The stock was sold at an average price of $169.12, for a total value of $2,938,460.00. Following the completion of the transaction, the insider now owns 64,475 shares in the company, valued at $11,261,203.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 125,988 shares of company stock worth $21,336,201. Institutional investors and hedge funds own 61.18% of the company's stock.

Large investors have recently added to or reduced their stakes in the company. Financial analysts had estimated that there would be a "slowdown" for Apple.

Apple has nearly two million application developers in China that are writing apps for iOS and the App Store, and "they're doing unbelievably creative work and innovative work".

At least four brokerages raised their price targets for Apple stock.

Apple has been working with Reliance Jio, Bharti Airtel and others providing 4G services while bundling data services with free voice on the smartphone, besides offering cash backs to consumers to boost sales.

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