However, the company did not issue official guidance citing global chip shortage caused by the pandemic-related restrictions
Apple reported an EPS of $1.40 on revenues of $89.58 billion. The revenue figures single-handedly beaten the $77.36 billion expected, marking a 53.7% increase year-over-year.
Not only the EPS and revenue came in higher-than-expected, but also the revenues for its products, as it reported double-digit growth in every category. iPhone – 65.5% increase from last year, figures coming in at $47.94 billion, while Mac’s surged 70.1% year-over-year to $9.10 billion. The most significant increase was reported for iPad – 78.9% YoY to $7.80 billion. These figures mark the second consecutive quarter when Apple posts double-digit growth in all product categories.
It kept last quarter’s trend of not issuing official guidance for what it expects in the quarter ending in June. However, Apple CFO Luca Maestri stated that the company expects June quarter revenue to increase by double digits year-over-year, even though it currently faces supply shortages. Moreover, Apple announced that it would increase its dividend by 7% to $0.22 per share, and it authorized a $90 billion share buyback program. The latter is significantly higher than what the company has previously allowed: $75 billion in 2019 and $50 billion in 2020.
In Q2 2021, Apple broke its record for gross margin – 42.5%, the highest in nine years. According to data from FactSet, usually, the number hovered between 37% - 39%.
Following the news, Apple stock price traded more than 4% higher.
This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent. Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of za.capex.com
JME Financial Services (Pty) Ltd trading as ZA.CAPEX.COM acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via ZA.CAPEX.COM, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15. Magnasale Trading Ltd is the principal to the CFD purchased by investors.