Apple, alongside its peer Amazon, showcased resilience in the market following reassuring statements from Fed Chair Jerome Powell about the absence of rate hikes.
Apple’s fiscal second-quarter results surpassed expectations, bolstered by revenue records in multiple countries, pushing its Q2 EPS to a new high at $1.53 per share, slightly above estimates and a percentage higher than the previous year.
The tech giant exceeded both top and bottom-line projections for the fifth consecutive quarter, with an average earnings surprise of 4.14% across the last four reports.
Image Source: Zacks Investment Research
Apple’s board approved additional funds for share repurchases, illustrating confidence in its operations and a commitment to maintaining cash neutrality. The company also raised its dividend by 4% to $0.25 per share quarterly.
Image Source: Zacks Investment Research
Analysts project Apple’s earnings to climb by 6% in fiscal 2024 and another 8% in FY25, with sales anticipated to remain stable this year and grow by 5% in FY25, reaching $403.72 billion.
Image Source: Zacks Investment Research
Apple currently holds a Zacks Rank #3 (Hold), demonstrating resilience against regulatory concerns by expanding globally, though there may be better opportunities on the horizon.
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