Analyst: Apple Earnings Growth Is Coming
According to a research note from Piper Jaffray analyst Gene Munster seen by Wall St. Cheat Sheet, Apple Inc.’s (NASDAQ:AAPL) third-quarter earnings results have shown that the company’s business has stabilized, as revenue beat the analyst’s expectations due to strong sales of the iPhone 5S.
“The overall trends in the business have stabilized, and we expect earnings to be essentially flat y/y in Dec-13 and up 8% in Mar-14, marking the first earnings growth quarter in 5 quarters,” Munster said in the note.
Apple’s third-quarter earnings per share came in at $8.26, beating expectations of $7.92. Revenue was $37.5 billion, also beating forecasts that placed the figure at $36.8 billion.
As far as devices go, Apple reported 33.8 million iPhone sales, up about 25.6 percent on the year. iPad sales increased 0.7 percent to 14.1 million, and Mac sales declined 6.1 percent to 4.6 million. High iPhone sales caused Munster to revise his guidance for next year, increasing expected iPhone sales growth from 7 percent to 10 percent.