Apple published its earnings report on Tuesday which made the stock pop by 5%. Even if iPhone sales were down, the company performed over expectations and the future is looking bright for the tech giant.
Find the best trading platform. You capital is at risk when trading. Be careful.Similar to Facebook’s and Amazon’s stocks, the Apple stock surged by 5% after the company’s earnings call was published on Tuesday, and now most banks are agreeing it’s time to buy more shares.
Apple’s earnings report showed that the company revenue and earnings per share were over Reuters expectations.
- Earnings per share were set to reach $2.67 but made it up to $2.73.
- Revenue was set to reach $60.82 billion but pushed over $60.1 billion, a 16 percent increase since last year.
On the other hand, iPhone sales were predicted to reach 52.54 million units in the last quarter, but in the end, Apple only sold 52.2 million units.
What’s the Future Prediction for Apple?
Most analysts and banks including Bank of America, Citigroup, and Morgan Stanley all agree that the projection for Apple is looking great and that it’s time to buy more stocks. Obviously, no one actually knows whether or not this is accurate. Even though expectations for the iPhone X wasn’t met with the usual ‘iPhone excitement,’ Apple has launched several products such as a brand new iPad that consumers have really enjoyed. Moreover, Apple is planning to launch a cheaper MacBook Pro that could help drive up sales even further.
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