“For any other company, Apple’s quarterly earnings report Tuesday would have been great news: Revenue was up 33%, net profit was $10.7 billion, earnings per share hit $1.85 compared to $1.28 a year ago,” Tim Bajarin writes for TIME Magazine. “Yet Apple’s stock is down about 4.5% in midday trading the next day. Why?”
“Wall Street analysts predicted Apple would sell about 48.7 million iPhones over the last three months, while Apple sold only (only!) 47.53 million,” Bajarin writes. “That discrepancy disappointed the financial world.”
“But little of this was really Apple’s fault. Wall Street was too optimistic when it came to iPhone sales,” Bajarin writes. “As I look over the entire spectrum of Apple’s earnings, which included adding $9.3 billion to its cash holdings that now total $202 billion, and its growth in PC market share with sales of 4.8 million Macs, it appears to me that Apple’s position in the market remains strong with a lot of growth still ahead.”
Read more in the full article – recommended, as usual – here.
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