After market close on Thursday, Apple is expected to release its earning report showing all-time record revenue of $93.89 billion for its fiscal second quarter, according to Refinitiv.
Martin Baccardax for TheStreet:
Apple shares were marked 1.8% higher in pre-market trading to indicate an opening bell price of $159.45 each, a move that would still leave the world’s most valuable company down 9.6% for the year.
iPhone revenues are expected to nudge around 1% higher from last year, to $48.3 billion, based on estimates of the sale of around 64.4 million units at an average price of $813 each. Overall sales, including both products and the group’s fast-growing services division, are forecast to rise 4.8% from last year to around $93.9 billion, helping produce a bottom line of $1.43 per share.
Apple’s longer-term goal of achieving a ‘cash neutral’ position on its massive balance sheet could also produce a buyback plan of as much as $90 billion, a figure that would take some of the sting out of a likely muted June quarter outlook — traditionally Apple’s weakest — as China grapples with its Covid crisis and U.S. and European economies continue to slow.
MacDailyNews Note: As usual, we’ll have the Apple earnings results for you as soon as they are released, just check our homepage right around 1:30 p.m. PDT / 4:30 p.m. EDT on Thursday, April 28th. We will follow that with live notes from Apple’s’ conference call starting at 2:00 p.m. PT / 5:00 p.m. EDT on the 28th.
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