Apple shares rise as Q3 outlook outstrips forecasts
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The news: Apple shares climbed in after-hours trading on Wall Street after the iPhone maker reported a higher-than-expected revenue forecast for the third quarter.
The numbers: The company guided sales growth of 14% to 17% in the June quarter, outstripping consensus estimates of 9.1% growth, according to Bloomberg data.
Shares were up 4.3% to USD271.35 in extended trading at 8:15am AEST.
Outgoing chief executive Tim Cook called it the company’s “best March quarter ever”, with revenue up 17% year on year to USD111.2 billion ($154.4 billion). Diluted earnings per share of USD2.01 marked a 22% jump on the prior corresponding period.
The context: Apple outlined a number of product launches in March, including the MacBook Neo, iPhone 17e, updated iPad Air models and a new MacBook Pro.
Cook, who is set to be replaced by John Ternus in September, said revenue growth was driven by “extraordinary demand for the iPhone 17 lineup”.
The sources: Apple earnings release, Bloomberg
