Apple shares rose in late trading Thursday after the company’s latest quarterly results came in better than analysts expected.
In the fiscal second quarter, Apple earned $1.52 per share on revenue of $94.8 billion.
Analysts polled by FactSet expected earnings of $1.43 a share on sales of $92.9 billion.
The stock rose 2.3% in after-hours trading shortly after the earnings report.
Better-than-expected sales in the company’s iPhone unit generated revenue of $51.33 billion in the quarter, up 1.5% from a year ago. Wall Street expects quarterly iPhone sales of $48.66 billion.
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Services revenue came in at $20.96 billion, below estimates of $20.91 billion. Mac revenue came in at $7.78 billion, below estimates of $7.17 billion. iPad revenue was in line with expectations at $6.67 billion. Wearables, home and accessories revenue was $8.76 billion, up from $8.38 billion.
“We’re pleased to report an all-time record in services and a March quarter record for iPhone in a challenging macroeconomic environment, and our installed base of active devices reached an all-time high,” said CEO Tim Cook on earnings. liberation “We are investing for the long term and leading with our values, including making major strides in creating carbon neutral products and supply chains by 2030.”
The company said it would raise its dividend by 4% to 24 cents. Shareholders of record will be paid on May 18 at the close of business on May 15. The board also approved an additional share repurchase program to repurchase up to $90 billion of shares.
Apple joins its big tech peers in reporting positive reports. Reports from Microsoft ( MSFT ), Alphabet ( GOOGL ) and Meta Platforms ( META ) were mostly well received by Wall Street. Amazon.com
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’s results topped ratings, but a weaker outlook around the cloud sent shares tumbling. Apple investors hope the company will follow in the footsteps of Microsoft, not Amazon.
Apple will host an earnings call at 5 p.m. ET. JP Morgan analyst Samik Chatterjee, who rates Apple as Overweight with a $190 price target, wrote Wednesday that Wall Street will pay attention to the company’s commentary in the current quarter. The FactSet consensus call for earnings per share of $1.21 and sales of $84.5 billion for the June quarter.
Shares of Apple are up 28% this year and have been roughly flat over the past 12 months.
Write to Connor Smith at Connor.smith@barrons.com
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