Consumer electronics giant Apple (AAPL) has reported financial results for this year’s second quarter that beat Wall Street forecasts across the board.
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Apple announced earnings per share (EPS) of $1.57, which topped consensus expectations of $1.43. Revenue in the April through June quarter came in at $94.04 billion, beating Wall Street forecasts of $89.53 billion.
The Silicon Valley-based company also reported that its iPhone sales grew 13% year-over-year during the quarter and its overall revenue grew 10%, the largest quarterly revenue growth since December 2021.
Apple’s income statement. Source: Main Street Data
Unit Performance
Among Apple’s various business units, iPhone revenue came in at $44.58 billion versus $40.22 billion expected. iPad revenue totaled $6.58 billion, which was below the $7.24 billion anticipated among analysts. And Services revenue, which includes the company’s streaming platform and payments app, was $27.42 billion, ahead of a consensus outlook of $26.80 billion.
Apple said its gross margin for the quarter was 46.5%, which surpassed forecasts of 45.9%. The technology giant’s management team usually provides informal guidance about the current quarter on its earnings call. The company stopped providing formal guidance during the Covid-19 pandemic. AAPL stock was up 2% in after hours trading on news of its latest print.
Is AAPL Stock a Buy?
The stock of Apple has a consensus Moderate Buy rating among 26 Wall Street analysts. That rating is based on 13 Buy, 12 Hold, and one Sell recommendations assigned in the last three months. The average AAPL price target of $228.11 implies 8.96% upside from current levels. These analyst estimates are likely to change after the company’s financial results.
