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Apple Earnings, Income Beat in Q1 as iPhone Income Soars By Investing.com

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© Reuters. Apple earnings, first quarter sales

By Yasin Ebrahim

Investing.com – Apple on Wednesday reported better-than-expected fiscal first quarter results that exceeded Wall Street estimates, led by soaring demand for its newest iPhones with earnings.

Apple shares (NASDAQ 🙂 remained unchanged in over-the-counter trading after the report.

Apple announced earnings per share of $ 1.68 on sales of $ 111.4 billion. Analysts polled by Investing.com expected earnings per share of $ 1.41 on sales of $ 102.54 billion.

IPhone sales, which account for roughly half of total sales, rose to $ 65.6 billion from $ 55.96 billion a year ago, well above estimates of $ 59.86 billion. The above-expected number comes as the iPhone 12 accelerates its upgrade cycle with launch.

Revenue from Apple’s services businesses, including Apple News, Apple TV +, and iCloud, rose from $ 12.5 billion to $ 15.76 billion, beating estimates of $ 12.72 billion.

Wearables, housewares and accessories had sales of $ 12.97 billion versus $ 10.01 billion, beating the consensus of $ 11.91 billion.

The tech giant gave no guidance.

“Our December quarter business performance was driven by double-digit growth in each product category, which achieved an all-time record in sales in each of our geographic segments and an all-time high for our installed base of active devices,” said Luca Maestri. Apple’s CFO. “These results helped us achieve record cash flow of $ 38.8 billion. We also returned more than $ 30 billion to shareholders in the quarter as we maintain our goal of being one over time to achieve neutral net cash position. “

Investing.com analyst Haris Anwar Apple is a “great” stock as the service business continues to improve.

“Apple is in a great position to continue on its growth path, aided by robust sales of its newer phone models and improving the performance of its service business. That combination has severely damaged any bear fall against its stock based on the strong demand for iPhone 12 reinforces the argument that Apple’s global brand, an enviable cash position, and a drive to diversify its revenue streams make it a great stock over the long term.

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