Apple Inc. (AAPL) – Get a report shares rose until the latest high Friday, trading steadily above $ 400 for the first time since the tech giant posted gains in the third quarter of profits due to pandemic-closed closures and supply chain disruptions.
Apple said earnings for the three months ending in June, the group’s fiscal third quarter, rose 25.9 percent from the same period last year to $ 2.58 a share, long before the consensus forecast of $ 2.05. action. The group’s revenue rose 13.4 percent to $ 59.7 billion, Apple said, with gains in every geographic region and across the product line.
IPhone revenue rose 2% from last year to a $ 26.4 billion forecast, despite COVID-1
“We are very pleased with how we handled the iPhone. It was better than we thought we were, because May and June were much better. If you look at the iPhone as a whole, the thing that makes me very optimistic is the size of the active base installed, “Apple CEO Tim Cook told investors during a conference late Thursday.
“The installed base is growing and the new number of customers is still very high, so it is good for me for the future,” he added. “It’s clear, as we’ve pointed out, that there’s some work from home and distance learning that has a positive effect on Mac and iPad results.”
“They probably affect the wearable and the iPhone, the other way around. And – but for the Mac and the iPad, these are performance tools that people use to stay busy or stay busy at school,” Cook said. “And we believe we will have a strong return to the school season. Sitting here today, it certainly looks like that.”
Apple shares were 6.2 percent higher early Friday to roll over to $ 408.35, which will extend annual earnings to about 40 percent and value the Cupertino, California-based company at about $ 1.78 trillion.
The impact of the shares on the Dow Jones Industrial Average is expected to fade next month, after the group announced a division of shares four by one, which will take effect on August 31. 7% to $ 410 per share added about 185 Dow points. Such a gain of $ 110 per share would add only 46 points to the weighted average price.
Apple declined to offer a short-term profit forecast, “given the uncertainty of the world” and the continued impact of COVID-19, but said it expects long-term gains for the iPhone, despite possible delays of “several weeks” for its iPhone 12 launched in September.
“Management expects continued double-digit growth for all hardware products except the iPhone in Q4 / F20, and the iPhone is facing difficult growth comparable to the launch of new products coming a few weeks later or now in December,” he said. T. Canaccord Genuity T. analyst Michael Walkley, who carries a purchase rating of $ 460.
“Starting in Q1 / F21, we believe that Apple is in a good position to take advantage of the 5G upgrade cycle and expect strong iPhone growth to contribute to overall strong growth trends as the 5G ramp for smartphones and Apple continues. to grow its installed base and services with a larger margin. “Apple’s ecosystem approach, including an installed base that exceeds 1.6 billion devices worldwide, must continue to generate strong service revenue, and we expect higher-margin revenue growth to outpace growth. the overall growth of the company. ”