Apple Gains After Earnings Beat, Carrying Nasdaq 100 Futures Higher
APPLE EARNINGS REPORT KEY POINTS:
- Apple’s earnings surprise to the upside, beating on both EPS and revenue expectations
- Shares of the tech company rally in extended trading following second-quarter results
- Nasdaq 100 futures retrace regular-session losses
Apple shares gained as much as 3% in extended trading after the tech giant reported better-than-expected quarterly results, sending Nasdaq 100 futures slightly higher following a subdued performance during the regular trading session.
According to the iPhone maker's financial disclosure for its fiscal second quarter, earnings per share came in at $1.52, flat versus the same period of 2022, on revenue of $94.84 billion, which represented a 2.5% decline in the year-over-year comparison.
Both top and bottom lines topped estimates by a wide margin, with the solid execution driven by a 1.5% iPhone sales growth, a sign that prospects for the consumer electronics market have not yet deteriorated materially. This allowed Apple to increase its quarterly dividend by 4.3% to 24 cents per share.
Here is how the company performed relative to Wall Street’s expectations:
- Earnings per share: $1.52 versus $1.43 expected
- Revenue: $94.84 billion versus $92.9 billion expected
Source: DailyFX Earnings Calendar
APPLE AND NASDAQ 100 FUTURES 5-MINUTES CHART
With Apple's earnings in the rearview mirror, investors can breathe a sigh of relief, as the world's largest technology company has managed to deliver benign results without rocking the boat or spooking Wall Street. This may help keep the Nasdaq 100 afloat, provided the broader outlook does not worsen substantially in the near term.
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