Apple stock is surging after it beat Wall Street’s expectations for earnings per share and revenue, and the stock is up over 5% after-hours. Apple also issued strong revenue guidance for its fourth fiscal quarter, suggesting strong sales growth year-over-year. The strong guidance also hinted at the launch of a redesigned iPhone in September, which is expected to sell briskly. Although CEO Tim Cook had warned that iPhone sales might see a “pause” ahead of the expected September launch of the new iPhone, iPhone unit sales were in line with Wall Street expectations and in line with last year’s performance. Notably, Apple sold 14% more iPads than it did a year ago, breaking a 13-quarter streak of year-over-year declines. However, revenue was only up 2% on an annual basis, suggesting that many of these sales were of the less expensive $329 iPad Apple introduced during the quarter. One trouble spot in the earnings was Apple’s performance in China, which was down 10% year-over-year. Apple also announced a cash dividend of $0.63 cents per share, payable on August 17. Here are the key results: Q3 EPS (GAAP): $1.67, up 17% year-over-year, vs expectations of $1.57 Q3 revenue: $45.4 billion, up 7%… Read full this story
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