Updated from 4:59 p.m. to include analyst comments and updated share price.
NEW YORK (TheStreet) –– Apple (AAPL) reported fiscal third-quarter earnings after the close, generating $37.4 billion in revenue, as it shipped over 35 million iPhones during the quarter. While investors are paying attention to the results, any hint on the next product cycle will likely garner more attention.
Apple earned $1.28 a share on revenue of $37.4, compared to $1.07 a share and $35.3 billion in revenue last year. Gross margin was 39.4%, compared to 36.9% in the year-ago quarter.Analysts surveyed by Thomson Reuters expect Apple to earn $1.23 a share on $37.93 billion in revenue for the fiscal third quarter. "Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters," said Tim Cook, Apple's CEO in the company press release. "We are incredibly excited about the upcoming releases of iOS 8 and OS X Yosemite, as well as other new products and services that we can't wait to introduce." Cantor Fitzgerald analyst Brian White noted that while the results and the call mattered less than they usually do, investors are focusing on the upcoming product cycle. "In our view, tonight's conference call is of much less significance than past quarterly reports, as we believe investors are more focused on the "Fab Fall" launch (e.g., iPhone 6, "iWatch", etc.), the ramp with China Mobile, and the company's broader push into the enterprise market with IBM," White wrote in a note following the earnings report. Apple shares closed higher in Tuesday trading, gaining 0.83% to finish at $94.72. Shares were lower in after-hours trading, ahead of the conference call, dipping 0.57% to $94.18. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV