Apple’s Q4 Results Send Market Cap Soaring
Apple’s (NASDAQ:AAPL) stock soared in early trading Wednesday after stellar fourth quarter financials were released late Tuesday. The stock went as high as $454.45 and helped the company to once again exceed the market value of oil giant Exxon Mobil (NYSE:XOM) whose stock fell slightly along with a broader market decline. The stock performance is a sign that investors now have faith that new CEO Tim Cook can continue to take Apple in the right direction.
Apple posted one of the most profitable quarters ever by a US corporation with $13.1 billion in profit on $46.3 billion in sales according to WSJ. The company’s executives said the numbers could have been even higher if they had been able to manufacture enough iPhones to keep up with the demand. Sales were up 73% over the same quarter last year and profits doubled to $13.87, up from $6.43 a year ago.
The quarterly results blew away analysts predictions of $9.6 billion in profits. A WSJ article by Jessica E. Vascellaro and Ian Sherr described the results as, “[raising] the bar for both Apple and its peers, setting new highs that may be tough to duplicate or sustain.” Apple’s iPhone and iPad led the way with sales of 37 million and 15.4 million respectively.