As Apple Sales Hit A Record, Stock Gains Send Billions Back To Investors
(CTN News) – With a supply crunch and geopolitical unrest, Apple Inc. topped earnings expectations and set a new revenue record for the March quarter.
Thursday, the company reported a net income of $25.0 billion, or $1.52 per share, up from $23.6 billion, or $1.40 per share, during the year-ago period. FactSet analysts expected earnings per share of $1.42.
Apple’s AAPL, +4.52% revenue rose to $97.3 billion from $89.6 billion, while analysts expected $94.0 billion.
Thursday’s after-hours trading saw shares rise 2.4%.
Luca Maestri, Apple’s chief financial officer, mentioned during the company’s last earnings call that supply constraints were expected in the March quarter, but the company’s latest release offered no details.
Apple generated $50.6 billion in revenue from its iPhone business,
“A continued strong customer demand for our products helped us reach an all-time high for our installed base of active devices,” Maestri said in the release.
Along with its latest results, the company announced it was adding $90 billion to its stock repurchase authorization, as well as raising its quarterly dividend by 5% to 23 cents. Dividends will be paid to shareholders on May 12 if their record dates are May 9 and May 10. With its March-quarter report, Apple typically updates its capital return plans.
The iPhone business generated $50.6 billion in revenue, up from $47.9 billion a year earlier and ahead of the FactSet consensus of $48.4 billion.
In the iPad category, Apple saw $7.6 billion in revenue, down from $7.8 billion a year earlier, as well as $10.4 billion in Mac revenue, up from $9.1 billion. FactSet estimated iPad revenue of $7.2 billion and Mac revenue of $9.1 billion.
Apple’s wearables, home, and accessories categories generated $8.8 billion in revenue, up from $7.8 billion a year earlier, while analysts expected $8.9 billion.
In the past year, the company’s services business added $19.8 billion, compared with $16.9 billion. Before FactSet predicted $19.7 billion.