SAN FRANCISCO (AP) — Apple is still reaping huge profits from the iPhone while mining more moneymaking opportunities from the growing popularity of its smartwatch, digital services and wireless earbuds.
That combination produced a banner season for a company whose fortunes appeared to be sliding just a year ago amid declining sales for the iPhone, its marquee product for the past decade.
Apple’s fiscal first-quarter results, released Tuesday, provided the latest proof that the fears hanging over the consumer electronics icon might have been unfounded.
Apple’s profit and revenue for the October-December period topped analysts’ projections, providing another boost to a stock that has more than doubled in less than 13 months.
The shares surged by more than 2% to $325.33 in extended trading after the numbers came out. That’s up from $142 in January 2019 after Apple warned that consumers weren’t buying new iPhones at the clip that they once were, especially in China, the company’s biggest market outside the U.S. and Europe.
The mystery virus that has recently been killing people in China now looms as a potential concern for Apple, but investors for now are focusing on what now looks like an even more prosperous road ahead for a company that turned a $55 billion profit in its past fiscal year.
Apple got off to a fast start for fiscal 2020, with a first-quarter profit of $22.2 billion, or $4.99 per share, on revenue of $91.8 billion. Analysts polled by FactSet had predicted earnings of $4.54 per share on revenue of $88.5 billion.
If you're shopping on Amazon and want to save even more money after Prime Day, Cheddar News has got you covered. Senior reporter Michelle Castillo talked to the experts at the company to find out how you can keep an eye on deals and even get cash back on your household purchases.
Did you happen to watch the series The Bear? The show follows a struggling small business owner in Chicago who is trying to save his business. It's a story a lot of small business owners in the U.S. can relate to. To help out these struggling entrepreneurs, Cheddar News brought on an expert here to help take your company from stressful to successful.
The sticker prices for Ford's F-150 Lightning electric pickup trucks are being lowered by thousands of dollars across the board, the company said Monday, due to increased plant capacity, falling costs for battery raw materials and internal efforts to scale production by the Detroit automaker.
United Airlines and the union representing its pilots said Saturday they reached agreement on a contract that will raise pilot pay by up to 40% over four years.
The court’s ruling applies to higher education institutions and other entities that receive federal funding and doesn’t directly change private employer obligations, but business leaders might pull back diversity, equity and inclusion programs to avoid lawsuits.
