Apple released its third quarter earnings on Tuesday after the bell, slightly beating expectations with $53.8 billion in reported revenue — an increase of 1 percent from the year prior.
Earnings per share were also posted at $2.18, which is up 8 cents from the expected price but a drop of 7 percent from last year. In after-hours trading Apple ($AAPL) shares hit their highest price since October.
“This was our biggest June quarter ever,” Tim Cook, Apple’s CEO, said in a statement. “These results are promising across all our geographic segments, and we’re confident about what’s ahead.”
Cook added that revenue was largely gained from the tech giant’s Services, which include Apple Pay and the App Store, to name a few, as well as high demand for Wearables, such as the Apple Watch. International sales accounted for 59 percent of the quarter’s revenue, the earnings report added.
Ahead of the release, investors were wary of the company’s growth due to slowing hardware sales, most notably in China where Apple was forced to slash iPhone prices to stay competitive.
“The main reason they were able to meet the numbers … is because the bar was set so low,” Angelo Zino, a senior analyst at CFRA Research, told Cheddar.
The company reported $25.99 billion in iPhone sales in the third quarter, a decrease from the $29.5 billion reported last year.
It has been seven years “since we’ve seen a number this low in terms of iPhone revenue,” Zino said, adding, however, that Apple’s sustained growth is a testament to what the company has done to diversify its business.
Apple also reported strong guidance for the fourth quarter of 2019, with expected revenue to be between $61 billion and $64 billion.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
