Apple share price up 5% on Q2 results revenue beat
The tech company beats earnings estimates in its Q2 revenue report.
Apple share price is up 5% in US afterhours trading after a better-than-expected Q2 earnings report. Apple’s Q2 earnings exceeded Wall Street expectations.
Apple earnings:key figures
| Earnings per share | $2.46 |
| Revenue | $58.02 billion |
| iPhone revenue | $31.05 billion |
| Services revenue | $11.45 billion |
Apple share price up 5% on Q2 results revenue beat
Apple's Q2 earnings per share were $2.46, exceeding the $2.36 Wall Street expected. Apple chief executive officer, (CEO), Tim Cook, noted that sales improved in China, which helped boost Apple’s Q2 revenue.
‘The tone[of the US-China trade relationship] is much better than it was in the November-December[2018] timeframe. I think that affects consumer confidence in a very positive way,’ said Cook.
Though iPhone sales were down overall to $31.05 billion from Q2 2018’s $37.6 billion, the revenue was better than the predicted $30.5 billion. While Apple’s Q2 profits were projected to be affected by slowing iPhone sales, Apple’s Q2 revenue still beat expectations at $58.02 billion.
Apple’s Q2 profits also increased because of the corporation's services earnings, which topped $11.45 billion. Services like Apple Music and iCloud helped drive up Apple’s Q2 earnings. The corporation hopes to expand its services division by launching an upcoming streaming service, Apple TV+.
How did Apple's Q2 earnings compare to other tech companies?
Compared to competitor Google parent Alphabet’s Q1 earnings, Apple’s Q2 profits were better-than-expected. Alphabet’s Q1 revenue fell below expectations with slow sales of its Pixel smartphone. Apple’s Q2 earnings were high because of improved international iPhone sales.
What is Apple’s Q3 earnings guidance?
Apple’s projected Q3 earnings are in the range of $52.5 billion-$54.5 billion. That projection is higher than Wall Street’s estimate of $51.94 billion.
Apple’s Q2 earnings show that it’s moving beyond iPhones
Apple’s Q2 revenue proves that as iPhone sales stall in the US, the tech company’s recent pivot to software has worked well for the company.
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