Apple soars after Q1 earnings top estimates
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Apple (NASDAQ:AAPL) shares rose after the world's most valuable company posted first-quarter earnings that topped estimates.
The Cupertino, California-based Apple said it earned $2.10 a share on $123.95 billion in revenue, led by strength in the iPhone, which generated $71.6 billion in sales during the quarter. A consensus of Wall Street analysts expected the company to earn $1.89 a share on $118.4 billion in revenue during the quarter.
Analysts expected the company to generate $67.5 billion in iPhone revenue during the quarter.
âThis quarterâs record results were made possible by our most innovative lineup of products and services ever,â said Chief Executive Tim Cook in a statement. âWe are gratified to see the response from customers around the world at a time when staying connected has never been more important."
Services revenue rose to $19.5 billion in the quarter, up from $15.7 billion in the year-ago period. Also aiding the quarterly results was strength in the Mac and Wearables divisions, with Mac revenue coming in at $10.85 billion, compared to $8.68 billion in the year ago period.
Apple's Wearables unit, which includes the Apple Watch and AirPods, generated $14.7 billion in revenue during the period, up from $12.97 in the first-quarter of 2021.
Apple shares are up nearly 2% to $161.95 after the company posted results.
The Cook-led company will host a conference call to discuss the results at 5 p.m. EST.
Earlier this month, Apple's (AAPL) Chief Executive Tim Cook spoke to Texas Senator Ted Cruz over some antitrust bills that are being debated in the Senate, including one that would prohibit platforms from favoring their own products over others.