Apple (NASDAQ: AAPL) stock jumped over 6% in pre-market trading Friday after reporting revenue and earnings above analysts’ estimates driven by a record-high Services revenue.
Apple (AAPL) has announced better-than-expected fiscal second-quarter earnings, alongside a significant $110 billion stock buyback program.
The tech giant reported second-quarter revenue of $90.8 billion for fiscal 2024. This figure marks a 4% year-over-year decrease and beats analysts’ estimates. Net income came in at $23.64 billion, down marginally from $24.16 billion in the same quarter last year, with diluted earnings per share (EPS) showing a slight increase. Both metrics beat analysts’ forecasts.
Apple also posted record-high Services revenue of $23.87 billion, representing a 14% jump from the year-ago period.
Moreover, Apple announced a $110 billion share buyback program and raised its quarterly dividend by 4% to 25 cents, signaling its commitment to returning value to shareholders.
Luca Maestri, Apple’s Chief Financial Officer (CFO), emphasized the company’s high levels of customer satisfaction and loyalty, highlighting the achievement of a new all-time high in the active installed base of devices across all products and geographic segments. Maestri also noted that the strong business performance led to a new EPS record for the March quarter.
Despite overall positive results, Apple saw a decline in iPhone sales, with revenue dropping to $45.96 billion in the latest quarter from $51.33 billion a year ago. The company’s Greater China business segment, closely monitored by investors, posted revenue of $16.73 billion, compared to $17.81 billion in the year-earlier quarter.
Apple (NASDAQ: AAPL) Stock Reaction
AAPL stock rose 2.20% to close at $173.03 on Tuesday. Its value has increased by 1.85% this week. Trading activity has witnessed 82,547,837 (82.54 million) shares changing hands, well above the average daily volume of 61.72 million.
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Salman Akhtar is a finance, stocks, and technology journalist with years of experience across various news organizations. He has contributed his expertise to outlets such as 24NewsHD, TrimFeed, The Voice Pakistan, and TheTechBasic. Salman is passionate about making complex topics accessible to a broad audience. His dedication to delivering accurate and timely information has established him as a trusted voice in the industry. Read Full Bio
