Apple: smashes Street view, shares up
(CercleFinance.com) - Apple shares were up on Thursday after the US tech giant reported better-than-expected quarterly results and announced guidance ahead of the Street for the December quarter.
The Cupertino, California-based company said its fiscal fourth-quarter revenue rose by 2% to 64 billion dollars, beating the consensus of 63 billion dollars.
The company posted net income for the fiscal fourth quarter ended 30 September of 13.7 billion dollars, or 3.03 dollars per share, down from 14.1 billion dollars, or 2.91 dollars per share.
Analysts on average expected Apple to report 2.84 dollars per share.
Wells Fargo expects investors to most notably focus on (1) accelerated services growth, with double-digit growth across all geographies, (2) strength in the wearables business, (3) a stronger-than-expected iPhone cycle and (4) stabilization of China revenue.
Apple estimated revenue for the December quarter at 85.5 billion to 89.5 billion dollars, compared to analysts' average estimate of 85.9 billion dollars.
The stock was up 1.6% at 247.1 dollars after the report. It has risen by 57% so far this year.
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