Apple Inc. (NASDAQ: AAPL) published its quarterly financial results on Thursday that boasted the company to have shown resilience in recent months despite COVID-19 disruptions. Apple, however, refrained from giving future guidance due to the rising Coronavirus uncertainty. It also highlighted that the launch of the new iPhone may also be delayed by a few weeks because of the health crisis.
Shares of the company jumped more than 6% in after-hours trading on Thursday. At £312.21 per share, Apple is currently more than 35% up year to date in the stock market after recovering from a low of £171.05 per share in March. Learn more about how to invest in the stock market.
Apple’s Q3 financial results versus analysts’ estimates
According to Refinitiv, experts had forecast the company to print £39.83 billion in revenue and £1.56 of earnings per share in the fiscal third quarter. Their estimate for iPhone revenue was capped at £17.05 billion. In its report on Thursday, Apple topped all three estimates posting a higher £45.50 billion in revenue and £1.97 of adjusted earnings per share. As per the company, the iPhone contributed £20.14 billion to its total revenue in Q3.
The U.S. tech giant generated a total of £10.03 billion of revenue from services that came in marginally lower than £10.05 that the analysts had anticipated. Apple’s revenue in the recent quarter was branded the highest on record in history. Apple announced to have acquired NextVR in May.
On a year over year basis, Apple’s revenue noted an 11% growth. All of its prominent product lines, the American multinational said, registered annualised revenue growth in Q3, including a 14.85% increase in services.
Other prominent figures in Apple’s earnings report
Other prominent figures in Apple’s earnings report on Thursday include £5.02 billion of iPad revenue that represents a 31% increase as compared to the same quarter last year. The Cupertino-based company’s revenue from other products category that includes Apple Watch and AirPods saw a 16.74% growth in the third quarter.
According to CEO Tim Cook, Apple generated £5.40 billion of revenue from Mac in Q3 versus the year-ago figure of £4.62 billion. The company’s gross margin came in line with the analysts’ forecast at 38.0%. The CEO also confirmed that Apple has now reopened about 75% of its retail stores after months of inactivity due to COVID-19.
At the time of writing, Apple is valued at £1.27 billion and has a price to earnings ratio of 30.16.
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