Apple recorded a fiscal second-quarter profit of $11.03 billion or $2.10 a share, versus $10.52 billion or $1.90 a share reported a year ago while beating the Wall Street consensus of analysts forecasting earnings of $2.02 per share. The technology giant’s sales rose to $52.90 billion from the $50.56 billion last year, narrowly missing analyst projections of $52.97 billion. Apple sold 50.76 million iPhones during the quarter, down from 51.19 million a year ago, and below analysts’ estimate of 52.00 million units.
Looking ahead, Apple expects third quarter revenue between $43.5 billion and $45.5 billion, below the current analyst forecasts of $45.57 billion for the third quarter. During the cash equity session, Apple hit a record high of $148.08 a share before the S&P 500’s biggest component slid -2.00% in afterhours trade as shareholders sold the mixed set of quarterly numbers.
Apple Shares Reverse from Record High
Daily Analysis - 03/05/2017