Apple Stock Surges on Strong Earnings Report
Robust Demand for New Products Drives Growth
EPS Beats Estimates, Revenue Exceeds Expectations
June 7, 2024 (4:00 PM EDT) - Apple Inc.'s (AAPL) stock soared after the company released its latest quarterly earnings report, surpassing analyst estimates and demonstrating strong demand for its new products.
The iPhone maker reported earnings per share (EPS) of $1.89, outpacing the consensus estimate of $1.85. Revenue reached $97.3 billion, exceeding expectations of $96 billion.
The company's newly released iPhone 12 series led the growth, with strong sales across all models. The Mac lineup also saw significant growth, driven by the launch of the new M1-powered iMac and MacBook Pro models.
Apple's services segment continued to perform well, with growth in App Store revenue and paid subscriptions. The company also saw increased demand for its smart home devices, such as the HomePod and Apple Watch.
The strong earnings report is a testament to Apple's continued ability to innovate and capitalize on the growing demand for its products in both mature and emerging markets.
As a result of the positive news, Apple's stock price jumped 3% in after-hours trading, reaching a new all-time high. Analysts expect the momentum to continue, with Apple remaining a top pick for investors in the tech sector.
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