Apple Inc. (NASDAQ:AAPL) Price Target Increased By $10
- Author: Zachary Reyes May 08, 2017,
May 08, 2017, 16:51
Piper Jaffray Companies reiterated an "overweight" rating and set a $155.00 price objective on shares of Apple in a research report on Tuesday, January 24th. "(AAPL) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS" was originally reported by Transcript Daily and is owned by of Transcript Daily.
In total, Apple brought in more than $11 billion in profit during Q2, with overall revenue climbing to $52.9 billion, a 4.5 percent increase over the same time past year. iPhone sales might have slowed down a tiny bit but that isn't stopping Apple from making more money than ever. If you are viewing this piece of content on another site, it was illegally copied and republished in violation of United States and worldwide trademark and copyright laws.
The announcements were the latest in a series of disclosures to highlight how Apple, the world's largest company by market valuation, contributes to job creation in the United States.
In addition, the company said that they sold 50.76 million iPhones in the second quarter, which decreased from 51.19 million the same period previous year. Over the last quarter, insiders have sold 342,952 shares of company stock worth $45,967,691.
Apple's bottom line continues to be buoyed by iPhone sales, as it contributes about two-thirds of Apple's revenues and a major part of its profit.
The company expects its third quarter revenue to stand around $43.5B-$45.5B, compared to the consensus for $45.59B. The company reported earnings of $2.10 per share on revenue of $52.9 billion.
"We are particularly encouraged by the fact that service revenue is nowhere near as cyclical as product revenue", Neil Saunders, Managing Director of GlobalData Retail, wrote in a note to clients.
Maestri said that sales of Macs and the company's services were strong in China during the March quarter. And by doing that, we can be the ripple in the pond.
Apple's gross margin hit 38.9 percent, slightly ahead of analysts' average expectation of 38.7 percent, despite higher prices for memory chips.