Apple tops estimates in best ever holiday trading period
By Iain Gilbert
Date: Tuesday 28 Jan 2020
(Sharecast News) - Tech giant Apple posted record quarterly figures for the holiday trading period on Tuesday, easily exceeding both revenue and earnings expectations.
Apple generated a net income of $22.44bn, or $4.99 per share - a marked improvement on the $19.97bn recorded a year earlier and well ahead of the $4.54 per share expected by analysts on the Street.
Revenues grew to $91.82bn from $84.31bn, also significantly above consensus estimates of $88.48bn.
The California-based firm also issued revenue guidance for its current quarter that was well ahead of consensus estimates as it projected revenues of $63bn-67bn.
Revenues for its wearables and accessories segment grew 37% to $10.01bn, while iPhone revenues totalled $55.96bn and made up more than half of Apple's overall sales yet again as they ticked up over 7% year-on-year.
Apple did miss on services revenue though, generating $12.72bn in revenue from the wing - up 17% year-on-year but below the $13.06bn consensus estimate.
Chinese trading improved, pulling in 3% more than it had in the year prior at $13.58bn.
As of 2150 GMT, Apple shares were up 2.27% in after-hours trading at $324.90 each.
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