Apple stock rises as iPhone sales, Services growth drive March-quarter beat appeared first on MacDailyNews. Apple stock rises as iPhone sales, Services growth drive March-quarter beat appeared first on MacDailyNews. Apple stock rises as iPhone sales, Services growth drive March-quarter beat appeared first on MacDailyNews. Apple stock rises as iPhone sales, Services growth drive March-quarter beat appeared first on MacDailyNews.
Apple stock rose in pre-market trading on Friday after the world’s most valuable company beat Wall Street’s targets for its fiscal second quarter on strong sales in iPhones and services.

Apple stock rose in pre-market trading on Friday after the world’s most valuable company beat Wall Street’s targets for its fiscal second quarter on strong sales in iPhones and services.

Apple logo

Patrick Seitz for Barron’s:

The Cupertino, Calif.-based company late Thursday said it earned $1.52 a share on sales of $94.8 billion for the quarter ended April 1. Analysts polled by FactSet had predicted Apple earnings of $1.43 a share on sales of $92.9 billion.

“We are pleased to report an all-time record in services and a March-quarter record for iPhone despite the challenging macroeconomic environment,” Chief Executive Tim Cook said in a news release.

Also, Apple increased its quarterly dividend by 4% to 24 cents a share. Plus, Apple’s board authorized an additional $90 billion for share repurchases.

Apple’s services revenue increased 5% year over year to $20.9 billion in the March quarter… In the March quarter, Apple’s iPhone revenue increased 2% to $51.3 billion. Smartphones accounted for 54% of the company’s total sales in the period.

MacDailyNews Take: Apple stock is currently trading up $4.26 (2.58%) at $170.05.

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The post Apple stock rises as iPhone sales, Services growth drive March-quarter beat appeared first on MacDailyNews.

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