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.
The 10-day moving average for AAPL crossed bullishly above the 50-day moving average on September 23, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 16 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
The Stochastic Oscillator is in the oversold zone. Keep an eye out for a move up in the foreseeable future.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where AAPL advanced for three days, in of 347 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 380 cases where AAPL Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
The Momentum Indicator moved below the 0 level on October 03, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on AAPL as a result. In of 69 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for AAPL turned negative on October 07, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 43 similar instances when the indicator turned negative. In of the 43 cases the stock turned lower in the days that followed. This puts the odds of success at .
AAPL moved below its 50-day moving average on October 07, 2024 date and that indicates a change from an upward trend to a downward trend.
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 September 19, 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.
Tickeron has a negative outlook on this ticker and predicts a further decline by more than 4.00% within the next month with a likelihood of 82%.
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 87, 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 outstanding 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 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 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 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 (85.677). P/E Ratio (26.429) is within average values for comparable stocks, (47.267). Projected Growth (PEG Ratio) (2.092) is also within normal values, averaging (1.869). 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 (74.200).
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