Apple Dazzles Wall Street with Latest Quarterly Earnings
Apple on Wednesday afternoon posted quarterly earnings and revenue that mostly blew away analyst estimates while simultaneously surprising some with the announcement of a 7-for-1 stock split.
The impact on shares isn't yet clear as shares were temporarily halted following the published earnings.
All told, Apple posted earnings of $11.62 a share on impressive revenue of $45.6 billion. Analysts expected earnings of $10.18 a share on $43.53 billion in revenue. Through it all, Apple added a hefty sum of cash ($13.5 billion) to its stockpile in the last quarter alone.
The biggest winner last quarter was Apple's iPhone. Apple sold a staggering 43.7 million iPhones between January and March. That's approximately 5 million more units than were forecast. The biggest disappointment was the iPad, the sales of which were somewhat underwhelming at 16.3 million units.
"We're very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said Apple CEO Tim Cook. "We're eagerly looking forward to introducing more new products and services that only Apple could bring to market."