Jul 23
Boosted by an unexpected surge in iPhone sales, the tech giant comfortably punched through Wall Street’s estimates. 
Apple was one of a slew of companies reporting its third-quarter results this week. For the quarter, Apple reported adjusted earnings per share of $7.79 on sales of $28.57 billion, beating analysts’ expectations for EPS of $5.85 on revenue of roughly $25 billion. The results also were a significant improvement over the EPS of $3.51 and revenue of $15.70 a year earlier. Both iPad and iPhone sales topped projections, with the consumer tech giant reporting unit sales of 9.3 million iPads, above analyst estimates of 8 million. And despite the expected slowdown in iPhone sales because of the company’s delay in a next-generation device, Apple posted sales of 20.3 million iPhones, surpassing expectations of 17 million. In other Apple news, the Wall Street Journal reported this week that some of the company’s directors have discussed CEO succession with executive recruiters and at least one head of a high-profile technology company since CEO Steve Jobs went on medical leave this winter. M&A chatter also continues to swirl around Apple. The consumer tech giant is considering making a bid for the Hulu online video service, according to Bloomberg, which cited two people with knowledge of the auction. Shares of Apple closed up $6.01, or 1.55%, at $393.30 on Friday. > > Bull or Bear? Vote in Our Poll IBM(IBM) continued its run of strong quarterly results after market close on Monday. Boosted by double-digit growth in hardware, software and services, the Armonk, N.Y.-based firm also raised its earnings guidance. The Oracle(ORCL) and HP(HPQ) rival grew its total services revenue by 10% compared to the same period last year, while its software business grew 17% year over year. In hardware, sales in the company’s systems and technology business also enjoyed a 17% hike from the prior year’s quarter. IBM’s stock ended the week up 28 cents, or 0.15%, at $185.18.
Apple was one of a slew of companies reporting its third-quarter results this week. For the quarter, Apple reported adjusted earnings per share of $7.79 on sales of $28.57 billion, beating analysts’ expectations for EPS of $5.85 on revenue of roughly $25 billion. The results also were a significant improvement over the EPS of $3.51 and revenue of $15.70 a year earlier. Both iPad and iPhone sales topped projections, with the consumer tech giant reporting unit sales of 9.3 million iPads, above analyst estimates of 8 million. And despite the expected slowdown in iPhone sales because of the company’s delay in a next-generation device, Apple posted sales of 20.3 million iPhones, surpassing expectations of 17 million. In other Apple news, the Wall Street Journal reported this week that some of the company’s directors have discussed CEO succession with executive recruiters and at least one head of a high-profile technology company since CEO Steve Jobs went on medical leave this winter. M&A chatter also continues to swirl around Apple. The consumer tech giant is considering making a bid for the Hulu online video service, according to Bloomberg, which cited two people with knowledge of the auction. Shares of Apple closed up $6.01, or 1.55%, at $393.30 on Friday. > > Bull or Bear? Vote in Our Poll IBM(IBM) continued its run of strong quarterly results after market close on Monday. Boosted by double-digit growth in hardware, software and services, the Armonk, N.Y.-based firm also raised its earnings guidance. The Oracle(ORCL) and HP(HPQ) rival grew its total services revenue by 10% compared to the same period last year, while its software business grew 17% year over year. In hardware, sales in the company’s systems and technology business also enjoyed a 17% hike from the prior year’s quarter. IBM’s stock ended the week up 28 cents, or 0.15%, at $185.18.Similar Posts:
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Tags: Tech, Tech Weekly