Apple Shares Hit Record High Buoyed By Strong iPhone Sales, Resurgent iPad
Investors are pouncing on shares of Apple like a meaty bone thrown into a pack of hungry wolves after the Cupertino outfit posted earnings that came in higher than analysts had estimated. Apple shares climbed more than 6 percent in after hours trading and are currently trading at nearly $159, resulting in a market capitalization of more than $828 billion.
It was a good quarter for Apple, to say the least. The company posted revenue of $45.4 billion with quarterly earnings per diluted share of $1.67, compared to revenue of $42.4 billion and earnings per diluted share of $1.42 in the same quarter a year ago. Apple also noted an all-time quarterly record in services revenue driving by its App Store.
Apple also saw strong
"We reported unit and revenue growth in all our product categories in the June quarter, driving 17 percent growth in earnings per share," said Luca Maestri, Apple’s CFO. "We also returned $11.7 billion to investors during the quarter, bringing cumulative capital returns under our program to almost $223 billion."
Looking ahead to Apple's fiscal 2017 fourth quarter, the company estimated revenue to be in the range of $49 billion to $52 billion. The high numbers are indicative of a new iPhone model looming right around the corner, with an announcement likely to take place in September or October.
Thumbnail Image Source: Flickr (iphonedigital)