“If consumers are holding out for the next iPhone, they’ve still been spending plenty of money at Apple Stores in the meantime,” CNBC reports. “Shares were set to open at a record high Wednesday, with a market capitalization of over $830 billion, after the iPhone maker reported better-than-expected earnings. The stock climbed more than 6 percent in extended hours trade and were set to open near $160 a share, on track to surpass the $156.65 intraday high set on May 15.”
“The gains in Apple were also poised to push the Dow Jones industrial average over the psychologically key 22,000 level,” CNBC reports. “Apple reported fiscal third-quarter earnings on Tuesday that beat analysts’ expectations, and revenue that topped estimates, as it sold more iPhones than expected. The company also hit a major goal, as the App Store drove Apple’s Services division to a record high, the size of a Fortune 100 company.”
“Apple also said on Tuesday it expects fourth-quarter revenue between $49 billion and $52 billion, a little on the heavy side. Analysts polled by Thomson Reuters expected Apple to forecast $49.21 billion in revenue in the company’s fiscal fourth quarter,” CNBC reports. “Rounding out Apple’s product sales, the company also reported 11.42 million iPads shipped vs 9.03 million units estimated and 4.29 million Macs shipped vs 4.33 million units estimated. Though Apple does not break out sales of AirPods or Apple Watch, Cook told investors on a conference call that sales of Apple Watch were up 50 percent.”
“With a giant pile of cash held mostly overseas, Apple could be a big beneficiary of change at the White House [repatriation tax holiday],” CNBC reports. “Apple’s cash pile hit a new record of $261.5 billion during the quarter.”
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MacDailyNews Take: When the repatriation holiday becomes a reality, say hello to the world’s first trillion dollar company!
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