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Apple shares surge as earnings report beats expectations

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  • Economy
  • 2 months ago
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Apple beat expectations as it released its earnings report sending its stock surging by 4% and pointing to a stronger demand in its products.

The tech giant also announced a cash dividend of $0.77 per share, however more interestingly, here are the numbers versus the analysts’ expected figures.

EPS: $2.18 vs $2.10

Revenue: $53.8 billion vs $53.39 billion

Q4 revenue: $61 to $64 billion vs $60.98 billion.

iPhone revenue: $25.99 billion vs $26.31 billion.

Services revenue: $11.46 billion vs $11.61 billion.

Apple’s CEO Tim Cook said, “We’re very excited to report a return to growth for the quarter, and it’s a record revenue for Q3 as well, best we’ve ever had.”

“Great services quarter, unbelievable wearables quarter, significant progress on iPhone, and off-the-charts significant progress on China, compared to where we were the previous quarter,”

Apple stated that it had spent over $17 billion on share buybacks of almost 88 million Apple shares, and had also paid out $3.6 billion in dividends and equivalents during the quarter.

 

 

Source: Smart Trend Team