Apple Inc. Earnings Cheat Sheet: Earnings Smash Expectations

S&P 500 (NYSE:SPY) component Apple Inc. (NASDAQ:AAPL) reported net income above Wall Street’s expectations for the second quarter. Apple offers a range of personal computers, mobile devices, and portable digital music and video players. The company also sells related software, services, peripherals, and networking solutions.

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Apple Earnings Cheat Sheet for the Second Quarter

Results: Net income for Apple Inc. rose to $11.62 billion ($12.30 per share) vs. $5.99 billion ($6.40 per share) in the same quarter a year earlier. This marks a rise of 94.1% from the year-earlier quarter.

Revenue: Rose 58.9% to $39.19 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Apple Inc. beat the mean analyst estimate of $10.02 per share. It beat the average revenue estimate of $36.49 billion.

Quoting Management: “We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Tim Cook, Apple’s CEO. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”

Key Stats:
For the past five quarters, the company has seen double-digit year-over-year percentage revenue growth. Over that span, the company has averaged growth of 67.2%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 82.7% from the year earlier quarter.

Apple Inc (NASDAQ:AAPL) has now seen its net income increase for three consecutive quarters. In the first quarter, net income rose more than twofold and in the fourth quarter of the last fiscal year, the figure rose 53.7%.
Apple Inc has beaten estimates for two quarters in a row. In the first quarter, it topped expectations with net income of $13.87 versus a mean estimate of net income of $10.07 per share.

Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the third quarter has risen to $9.93 per share from $8.43. The average estimate for the fiscal year is $44.22 per share, a rise from $35.63 ninety days ago.

Competitors to Watch: Hewlett-Packard Company, Dell Inc., Google Inc., Microsoft Corporation, Lenovo Group Limited, Adobe Systems Incorporated, Intl. Business Machines Corp., Intel Corporation, Super Micro Computer, Inc., and Nokia Corporation.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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