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.
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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