Apple Inc. (AAPL) reported record fiscal Q2 sales of $111.18 billion, a 16% year-over-year increase, exceeding estimates of $109.48 billion. Driven by robust demand for the iPhone 17, iPhone revenue surged 22% to $57 billion. Services revenue also hit an all-time high of nearly $31 billion, up over 16%, contributing to a gross margin of 49.3% for the quarter.
Apple’s earnings per share (EPS) rose 22% to a record $2.01, surpassing expectations of $1.92. The company has beat earnings expectations for 13 consecutive quarters, with an average sales surprise of 3.21% and EPS surprise of 7.34%. Looking ahead, Apple anticipates Q3 sales increases of 14%-17%, compared to Wall Street’s forecast of 11% growth.
To further bolster its performance, Apple announced a $100 billion share repurchase program and increased its quarterly dividend by 4% to $0.27. This highlights the company’s confidence in its future prospects, reinforced by a cash balance exceeding $45 billion.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
