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Well that didn’t last long. After taking a rare dip in recent weeks, Apple (Nasdaq: AAPL) stock is back with a vengeance today after yet another set of monster quarterly earnings.
The world’s largest company reported first-quarter earnings after the bell yesterday, and its stock has surged over 9% since. That’s because the tech stock’s profits of $11.6 billion were up 94% from a year ago and well ahead of the $9.52 billion in profits most analysts had projected.
Here are some other jaw-dropping numbers from Apple’s first-quarter earnings:
- Revenue was $39.2 billion, up 59% from the same period a year ago and ahead of the $36.8 billion analysts were estimating. It also far outpaced the $32.5 billion Apple itself had projected.
- Apple sold 35.1 million iPhones in over 100 countries. The company “only” sold 18.65 million smartphone units during the same quarter a year ago.
- The company sold 11.8 million iPads, 150% more than a year ago. Analysts had been expecting more iPad sales, however.
- Apple’s cash on hand grew to $110.2 billion, up from $97.6 billion after the previous quarter.
- Gross profit margins rose to 47.4%, up from 41.4% a year ago.
Apple’s blowout earnings have helped erase some of the losses the tech stock suffered over the last couple weeks. Prior to today, Apple stock had fallen 10 of the last 11 trading sessions – a rare downward spiral for a stock that had previously been on a four-and-a-half-month tear.
To some, it was a pullback that was long overdue. But it seems that pullback was short-lived. Apple stock is back above $600 a share, trading at $611 a share as of 10:45 eastern time this morning. The stock had fallen all the way from a high of $636.23 on April 9 to a low of $560.28 yesterday.
Now Apple is back again. It didn’t stay down for long.