Apple Inc. (NASDAQ: AAPL) is up over 2% in the after-hours trading session following the release of its Q2 2018 results. Here’s a breakdown of some notable statistics from the press release:
|Metric||Q2 2018||Q2 2017||Change|
|Revenue||$61,137 million||$52,896 million||15.6%|
|Gross margin||$23,422 million||$20,591 million||13.7%|
|EPS – diluted||$2.73||$2.10||30.0%|
|Operating cash flow||$43,423 million||$39,804 million||9.1%|
Here are five additional takeaways from the release:
- iPhone unit sales increased 2.9% to 52.22 million, and revenue from iPhone sales increased 14.4% to $38.03 billion.
- The results came in mixed compared with the consensus estimates, which called for $61.19 billion in revenue and $2.69 in EPS.
- It provided its outlook on the third quarter, calling for revenue in the range of $51.5 billion–$53.5 billion, which satisfied the consensus estimate of $51.72 billion.
- It raised its quarterly dividend by 15.9% to $0.73 per share, equating to $2.92 per share on an annualized basis.
- Its board of directors approved a new $100 billion share repurchase authorization, and it noted that it will complete the execution of its previous $210 billion share repurchase authorization during the third quarter.
There was a lot of negativity surrounding Apple going into the release, but the strong earnings, positive outlook, dividend increase, and share repurchase authorization seem to have ignited a relief rally.
Shares of Apple suppliers are also on the move in the after-hours session, with companies like Cirrus Logic Inc. (NASDAQ: CRUS) and Skyworks Solutions Inc. (NASDAQ: SWKS) each up over 2.5%.
Now the question is—will the rally hold tomorrow?