Apple posted better than expected earnings

By: Miguel A. Rodriguez

09:45, 14 September 2020

Apple showed resilience in the pandemic

One of the most anticipated earnings reports has happened. Apple released its quarterly earnings yesterday after the market close.  

The company exceeded analysts’ expectations, marking records. Its revenue increased to $59.7 billion from last year’s $53.81 billion and outperforming the $52.24 billion consensus. 

Apple’s net income came in at $11.25 billion, or an EPS of $2.58, up from a previous $10.04 billion, or $2.18/ share. The expected EPS was $2.05. 

 The quarterly revenue generated from the iPhone segment was $26.42 billion, beating analysts' expectations of $22.2 billion, but failing to outmatch not topping last year's $26.99 billion. 60% of the company's overall revenue came from international sales.

The services segment had a $13.16 billion revenue from $11.45 billion same quarter last year, above the $13.1 billion estimated. Wearables, accessories, and home products brought in $6.45 billion, ahead of the estimates which were looking for $5.98 billion.

Moreover, the company announced the stock split, which will "help support liquidity and attract new investors."

In after-hours trading, Apple shares went up 5.8%. In Q2, the company’s stocks gained 30%, while USA30 added 8%.

Since the beginning of the year, Apple stocks settled up 31%, outperforming TECH100, which added 22.7%.

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