Published , by Captain Business
Published , by Captain Business
Earnings season is chugging along on Wall Street, and the big cahuna just reported results. Apple Inc. issued a press release just now stating that the company achieved a March quarter record of $89.6 billion in revenues. That is sales growth of 54% from the prior year, and pretty impressive for such a monstrously huge company.
Apple reported earnings per share of $1.40, which came in way ahead of analyst expectations. International sales comprised 67% of the company's total revenues. The board approved an 7% increase of the quarterly dividend to $0.22/share and authorized a $90 billion increase to the existing share buyback program.
Here's some more interesting data from Apple's Q2 2021 earnings release (company's calendar year 2021 started on October 1, 2020):
Revenue by region:
Product breakdown of sales during the quarter:
Other notes of interest:
Apple is the largest company in the world, so it is important to pay attention to the stock's performance even if you don't directly own shares. Apple is included in the NASDAQ 100, S&P 500, and Dow Jones Industrial Average, which forces many institutional investors to own it. It is entirely possible that your 401K owns shares of Apple. With a market capitalization well over two trillion dollars, it is too massive of a company to ignore.
Apple's stock jumped above $139/share in afterhours trading as the news broke, and appears to be consolidating gains ahead of the company's conference call. Tim Cook and his gang of executives will begin the conference call at 5 p.m. ET.
Today's news is still being digested by large and small investors alike, but it appears that Apple is still trucking as it goes into a period where they will face tougher year over year comparisons. Some investors fear that there has been a pull forward of demand for technology products due to the COVID-19 pandemic and 2020's shutdown, but it remains to be seen just how big of an effect that will have on the broader technology sector. Four of the five largest companies in the tech space have reported thus far, with Amazon coming later this week.