Apple Does It Again: Beats Expectations For Earnings And iPhone Sales
The electronics company’s shares are poised to hit another new high tomorrow after releasing an earnings report for early 2015 that exceeded the Street’s expectations — and increased its capital return plans.
The company generated $13.6 billion in net income, up 32.7% vs the period last year on revenues of $58 billion, +27.1%. The top line beat forecasts for about $56 billion. Earnings at $2.33 a share topped expectations for $2.16.
All eyes also are on its main profit driver, the iPhone: With a big boost from China — where sales for the first time outpaced those in the U.S. — Apple sold 61.2 million of them in the first three months of the year, beating predictions for 55 million.
At the same time, the company — which has $194 billion in cash — says that it will return $200 million to shareholders, including an 11% increase in dividends to 52 cents a share.
The news contributed to a 1.7% increase in Apple’s share price, to about $134.70, in post market trading. Its previous high was $133.60.
“We are thrilled by the continued strength of iPhone, Mac and the App Store, which drove our best March quarter results ever,” CEO Tim Cook says. “We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles, and we’re off to an exciting start to the June quarter with the launch of Apple Watch.”
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