Consumer electronics leader apple (Apple) late Thursday beat estimates for its fiscal fourth quarter with record iPhone and services revenue. It is also guided by the above views for the current period. Apple stock rose on the news.
The Cupertino, California-based company earned $1.85 a share on sales of $102.5 billion in the quarter ended September 27. Analysts polled by FactSet had expected Apple to earn $1.78 per share on sales of $102.2 billion. On an annual basis, Apple’s adjusted profits rose 13% while sales increased 8%.
The fourth fiscal quarter included the first two weeks of sales of Apple’s iPhone 17 series smartphones.
In the September quarter, Apple’s services revenue rose 15% year over year to $28.75 billion. Services represented 28% of Apple’s total revenues in that period.
Apple’s iPhone sales rose 6% to $49 billion in its fiscal fourth quarter. Smartphones accounted for 48% of Apple’s total revenue in this quarter.
Apple’s Mac computer sales rose 13% to $8.7 billion in its fiscal fourth quarter. Meanwhile, sales of iPad tablets, wearables, home devices and accessories remained flat during the period.
Apple shares rise as the company’s expectations are raised
For the current quarter, the first quarter of the fiscal year, Apple expects total revenue to rise 10% to 12% year over year. At midpoint, Apple’s December quarter revenue will rise 11% to $138 billion.
Analysts had expected sales of $131.8 billion, up 6% in the December quarter. Wall Street expects earnings of $2.54 per share, up 6% in the fiscal first quarter.
“We’re heading into the holiday season with a really great lineup,” CEO Tim Cook said on a conference call with analysts.
In after-hours trading on the stock market today, Apple stock rose 3.5% to 281.01. During Thursday’s regular session, Apple stock rose 0.6% to close at 271.40, giving it a market value of $4.03 trillion. In real-time trading on Thursday, it hit a record high in the regular session at 274.14.
On October 20, Apple stock broke out of a 42-week consolidation pattern at a buy point of 260.10, according to IBD Marketsorg Charts.
Apple stock is on the IBD Tech Leaders list.
Follow Patrick Seitz on XV @IBD_PSeitz For more stories on consumer technology, software and semiconductor stocks.
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The post Apple Stock: iPhone Maker Tops Fiscal Q4 Views first appeared on Investorempires.com.
