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Apple delivered better figures than expected. The stock rises in after-market trading.
Photo: JUSTIN SULLIVAN / AFP / NTBPublisert:
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Expectations for the result were low, Bloomberg wrote ahead of the release of the figures.
Apple has a different financial year and is now reporting figures for the second quarter.
In the first quarter the company increased its revenuesafter four quarters in a row with sales falling. Now, however, it was expected that turnover would fall by almost 5 per cent from the same quarter last year.
This shows the figures for the past quarter:
- Revenue of 90.75 billion dollars against an expected 90.3 billion, according to Bloomber’s estimates. At the same time last year, Apple had revenues of $94.8 billion. The quarter-on-quarter decline is therefore 4 per cent.
- Earnings per share (EPS) of 1.53 dollars against the expected 1.5 dollars.
The Apple share rose ahead of the release of the numbers and is up 7.5 percent at 11 p.m. in after-hours trading on Wall Street.
So far this year, however, the share is down 12 percent. The Apple share is, together with the Tesla share, the only two of the “magnificent sevenmagnificent seven” term that plays on the film of the same name, and which includes the seven shares Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. These rose sharply last year and accounted for large parts of the rise in the American market.” which is in red in 2024, writes The Wall Street Journal.
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Record buyback amount
Apple announced at the same time as the quarterly figures the largest buyback program ever, writes CNBC.
The board has approved the company spending $110 billion on share buybacks, an increase of 22 percent from last year’s amount of $90 billion.
Apple’s board has also approved a dividend of 0.25 dollars per share, according to a press release from the company.
It is expected that Apple CEO Tim Cook will present long-awaited news about the company’s AI strategy during the annual Worldwide Developers Conference in June, reports Bloomberg.
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China recovery, according to Cook
Sales in China have been challenging for a while, with increased competition from Huawei and challenges as a result of the strong dollar exchange rate. In the first quarter, sales in the region fell by 13 per cent.
In the second quarter, the result was an 8 percent decline in turnover in China, to 17.8 billion dollars, writes CNBC.
About China, Cook says the following to the news channel:
– I have a good feeling.
Cook further says that iPhone sales increased in China during the quarter.
– It may come as a surprise to some.
Revenues in the Chinese market accounted for almost 19 percent of Apple’s turnover last year, according to Bloomberg.
