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Apple earnings help market end week on high note
The post Apple earnings help market end week on high note appeared on BitcoinEthereumNews.com. Apple beats fiscal Q2 consensus for EPS, revenue. Sales drop 4% YoY, but guidance rises for current quarter. Largest ever buyback of $110 billion approved by board. Apple earnings drive broad market indices higher on week. Apple (AAPL) stock gained nearly 6% on Friday following an earnings update that impressed most analysts. Percentage-wise, Apple stock gained the most in a single session since November 10, 2022. As the second largest company in the public markets, after Microsoft (MSFT), Apple’s best outing in some time lifted the overall market. The Dow Jones ended Friday up 1.2%, while the S&P 500 advanced 1.3%. NASDAQ led the pack with a 2% gain. Apple stock news: The 4% quarter Apple may have narrowly beaten Wall Street estimates when it released fiscal second-quarter earnings results late Thursday, but investors focused entirely on the mountain of buybacks that CEO Tim Cook offered shareholders. Cook and team announced that the company will be buying back $110 billion worth of stock from the company valued north of $2.8 trillion. Though the buyback will take some time to be completed, this amounts to nearly 4% of outstanding shares at current prices. It already stands as the largest buyback initiated to date in stock market history. Apple also said it would raise its paltry dividend by a little over 4% to $0.25 per share. The iPhone maker earned $1.53 in GAAP earnings per share (EPS) on $90.8 billion in sales during the quarter that comprised January through March of this year. EPS came in 3 cents above the consensus forecast, while revenue surpassed expectations by nearly $200 million. However, sales receded more than 4% YoY. Wall Street saw this earnings call as the turning point however. Cook said that “low single digit” revenue growth was expected in the current…
The post Apple earnings help market end week on high note appeared on BitcoinEthereumNews.com.
Apple beats fiscal Q2 consensus for EPS, revenue. Sales drop 4% YoY, but guidance rises for current quarter. Largest ever buyback of $110 billion approved by board. Apple earnings drive broad market indices higher on week. Apple (AAPL) stock gained nearly 6% on Friday following an earnings update that impressed most analysts. Percentage-wise, Apple stock gained the most in a single session since November 10, 2022. As the second largest company in the public markets, after Microsoft (MSFT), Apple’s best outing in some time lifted the overall market. The Dow Jones ended Friday up 1.2%, while the S&P 500 advanced 1.3%. NASDAQ led the pack with a 2% gain. Apple stock news: The 4% quarter Apple may have narrowly beaten Wall Street estimates when it released fiscal second-quarter earnings results late Thursday, but investors focused entirely on the mountain of buybacks that CEO Tim Cook offered shareholders. Cook and team announced that the company will be buying back $110 billion worth of stock from the company valued north of $2.8 trillion. Though the buyback will take some time to be completed, this amounts to nearly 4% of outstanding shares at current prices. It already stands as the largest buyback initiated to date in stock market history. Apple also said it would raise its paltry dividend by a little over 4% to $0.25 per share. The iPhone maker earned $1.53 in GAAP earnings per share (EPS) on $90.8 billion in sales during the quarter that comprised January through March of this year. EPS came in 3 cents above the consensus forecast, while revenue surpassed expectations by nearly $200 million. However, sales receded more than 4% YoY. Wall Street saw this earnings call as the turning point however. Cook said that “low single digit” revenue growth was expected in the current…
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