Apple crushed its second quarter earnings expectations, on the back of double-digit growth in every single one of its product categories-- for the second quarter in a row.
The iPhone maker’s earnings for the quarter came in at $1.40, handily beating the $0.99 expected by analysts polled by Refinitiv. The figure is up +118% year-over-year.
Revenue grew +53.7% from the year-ago quarter to $89.58 billion vs. $77.36 billion estimated by analysts.
iPhone revenue in the quarter surged +65.5% year-over-year to $47.94 billion, exceeding analysts’ expectations of $41.43 billion.
Services revenue was $16.90 billion vs. $15.57 billion estimated, up 26.7% year over year .Other Products revenue came in at $7.83 billion vs. $7.79 billion estimated, up 24% year-over-year
The company’s Mac revenue grew +70.1% from the year-ago quarter to $9.10 billion vs. $6.86 billion estimated. iPad revenue was up 78.9% year-over-year to $7.80 billion vs. $5.58 billion estimated.
Apple’s gross margin was 42.5% in the quarter, compared to analysts’ forecast of 39.8%.
Apple did not issue any specific guidance on its June quarter (it hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty). However, Apple CFO Luca Maestri said that the company expects June quarter revenue to rise by double digits year-over-year, although it faces supply challenges due to the worldwide chip shortage.
Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where AAPL advanced for three days, in of 327 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 47 cases where AAPL's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on April 29, 2024. You may want to consider a long position or call options on AAPL as a result. In of 70 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for AAPL just turned positive on April 25, 2024. Looking at past instances where AAPL's MACD turned positive, the stock continued to rise in of 42 cases over the following month. The odds of a continued upward trend are .
AAPL moved above its 50-day moving average on May 02, 2024 date and that indicates a change from a downward trend to an upward trend.
The RSI Indicator demonstrated that the stock has entered the overbought zone. This may point to a price pull-back soon.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where AAPL declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
AAPL broke above its upper Bollinger Band on May 03, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for AAPL entered a downward trend on April 25, 2024. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 88, placing this stock better than average.
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating very strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating steady price growth. AAPL’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Seasonality Score of (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (35.461) is normal, around the industry mean (79.080). P/E Ratio (26.429) is within average values for comparable stocks, (45.119). Projected Growth (PEG Ratio) (2.092) is also within normal values, averaging (1.742). AAPL has a moderately low Dividend Yield (0.006) as compared to the industry average of (0.025). P/S Ratio (6.925) is also within normal values, averaging (68.706).
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a manufacturer of mobile communication, media devices, personal computers, and portable digital music players
Industry ElectronicsAppliances