Apple Recap: 3Q Earnings Beat Expectations
Throughout the entire trading day Tuesday, Apple (NASDAQ:AAPL) investors had one thing on their minds — earnings. Shares closed down $7.32, or 1.72 percent, at $418.99, but once the past quarters the earnings report — which showed the company’s top line and bottom line results beat analysts’ expectations — shares shot up as much as $15.41, or 3.86 percent. Here’s a cheat sheet to today’s top Apple stories:
Apple Earnings: Here’s Why Investors Like These Results
The iPhone maker delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
“We are especially proud of our record June quarter iPhone sales of over 31 million and the strong growth in revenue from iTunes, Software and Services,” said Tim Cook, Apple’s CEO. “We are really excited about the upcoming releases of iOS 7 and OS X Mavericks, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014.”
Looking forward, analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $8.57 to a profit $7.96. For the current year, the average estimate has moved down from a profit of $40.67 to a profit of $39.32 over the last ninety days… (Read more.)