Apple (NASDAQ:AAPL) anticipates ‘acceleration’ of revenue following the excellent quarterly performance.
Tim Cook, the CEO of Apple, tried his best on Thursday to reassure Wall Street and the average investor that the venerable tech company will be able to increase sales even as the U.S. economy faces uncertainty.
Cook stated during a conference call that compared to the beginning of the third fiscal quarter, which concluded in June, supply restrictions were fewer than anticipated.
In response, Apple’s (NASDAQ:AAPL) shares increased 3.5 percent in after-hours trade, allowing investors to exhale a little easier.
Cook discussed the operations of Apple (AAPL) as well as the company’s fiscal third-quarter earnings, which were released after the close of Thursday’s trading session.
Cook and Apple (NASDAQ:AAPL) Chief Financial Officer Luca Maestri did not provide specific earnings or sales projections for the company’s fiscal fourth quarter, but Maestri stated that revenue is anticipated to “accelerate” on a yearly basis.
Maestri added that Apple (AAPL) anticipates its gross profit margins to range between 41.5 percent and 42.5 percent for the quarter.
Apple Exceeds Expectations
Analysts on Wall Street had predicted that Apple) would make $1.31 per share on $90 billion in revenue for the quarter that ends in September.
Cook stated that Apple is still in a solid position to increase its already significant market footprint in the months to come while not providing particular earnings or sales predictions.
Cook emphasized the 15th anniversary of the iPhone, which established a record for the June quarter with sales of $40.65B, up 3% from the prior year. Gains were made ahead of the company’s customary September or early October announcement of the release of a new iPhone model.
Apple Officials Proud of Performance
Apple’s (NASDAQ:AAPL) performance, according to Cook, is proof of the company’s “resiliency.”
Apple exceeded analysts’ expectations by earning $1.20 per share on $82.96 billion in sales for the company’s whole third fiscal quarter.
With sales of $19.6 billion, up 12 percent from the same quarter last year, services remained Apple’s second-largest business driver.
Sales in Apple’s (AAPL) other key business segments, meanwhile, decreased, probably in part because of what Cook claimed were persistent supply challenges.
Sales of the iPad, at $7.22 billion, were down 2% from a year ago. Sales of the Mac, at $7.38 billion, were down 10%, and sales of wearables, homes, and accessories, at $8.08 billion, were down 8%.
Cook was optimistic about the Mac and iPad in particular and stated that despite supply limitations in some markets, Apple (NASDAQ:AAPL) found continuing customer demand encouraging.
Maestri said that Apple (AAPL) had issued a $0.23 per share quarterly dividend, which will be paid on August 11 to shareholders of record as of August 8.
Separately, Apple (AAPL) is said to have hired a key executive from Lamborghini earlier this week to help run its operations for electric vehicles.
Featured Image: Megapixl @Lester69