Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Apple Inc. reported its results during the quarter that ended on September 27th along with the launch of its new digital payments service called Apple Pay. The U.S.-based company said in its official statement that its revenue for the period increased by 12% and amounted to $42.1 billion. This revenue growth has been the strongest in almost two years.

The Chief Executive Officer of the company, Tim Cook, said in a statement, cited by the Wall Street Journal: “I’ve never felt so great after a launch before.” He also described the customers demand for Apples new iPhones as “staggering”.

The reported revenue surpassed initial analysts forecasts pointing to a figure of $40 billion. Apple also stated that its earnings increased by 20% from $7.51 billion, or $1.18 a share posted a year earlier, to $8.47 billion, or $1.42 per share. This result also topped analysts projections of $1.31 a share.

The iPhone manufacturer revealed its net income grew by 13% to reach $8.5 billion, while its sales increased by 12% from $37.5 billion a year ago to $42.1 billion.

The companys CEO projected record sales during the holiday quarter due to the stable demand for the companys new iPhones and iPads. The launches of companys new products just ahead of the holiday season became a tradition, which started with the company presenting its iPhone 4s and the iPad mini in 2011 and 2012.

Rhoda Alexander, an analyst at IHS Inc., said in an interview, cited by Bloomberg: “There’s absolutely no coincidence that it’s happening at this time of the year. They really shifted most of their product introductions to happen in the second half of the year.”

Apple Inc. was 2.14% up to close at $99.76 per share yesterday, marking a one-year increase of 37.22%. The company is valued at $584.84 billion. According to CNN Money, the 44 analysts offering 12-month price forecasts for Apple Inc. have a median target of $110.00, with a high estimate of $135.00 and a low estimate of $60.00. The median estimate represents a +10.26% increase from the last price of $99.76.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Yahoo! share price up, bolsters share buyback programYahoo! share price up, bolsters share buyback program Yahoo! Inc announced on Thursday its board had authorized an additional $2 billion to its share-repurchasing program.According to a filling with the US Securities and Exchange Commission, the company has $726 million left of its $5-billion […]
  • Commodities trading outlook: crude oil and natural gas futuresCommodities trading outlook: crude oil and natural gas futures WTI futures were leveled during midday trade in Europe today, while Brent had logged minor losses. Improving outlooks from China were not enough to overcome the build up in crude supplies, reported last week. However, the US economy continues […]
  • NextSource appoints Interim Chief Operating OfficerNextSource appoints Interim Chief Operating Officer NextSource Materials Inc said on Friday that it had appointed Johnny Velloza as Interim Chief Operating Officer, as Robin Borley has resigned from the post.Velloza has vast technical and operating experience in the mining industry that […]
  • Gold futures weekly recap, July 28 – August 1Gold futures weekly recap, July 28 – August 1 Gold futures were pressured lower this week, after the Fed kept on track to reduce the inflow of government funds into the US economy, supporting the dollar. Stocks slumped these past five sessions, while other precious metals also closed […]
  • Copper Rises on Hopes of Middle East Diplomatic ProgressCopper Rises on Hopes of Middle East Diplomatic Progress Key Moments Copper climbed 0.7% to $12,227.50 a ton on the LME, putting it on track for a 2.5% weekly gain. Aluminum supply disruptions linked to the Iran war led Japanese buyers to accept the highest premium in 11 years. […]
  • Spain’s trade deficit smallest since March 2023Spain’s trade deficit smallest since March 2023 Spain’s trade balance deficit has narrowed to EUR 0.7 billion in June, data showed, from EUR 2.4 billion in June 2023.The latest figure pointed to the smallest deficit since March 2023.Total imports went down 7.3% year-on-year to […]