Apple Stock News: Apple Releases Fourth Quarter Earnings

Apple Stock News

For the latest Apple Stock News, AAPL closed at $118.25 on Monday, October 24th, with a 0.48% increase, or $0.50 from its previous close of$117.75 per share.

The fourth quarter ended on September 24, 2016 and Apple has finally released their earnings. Their resulting revenue is $46.9 billion and quarterly net income of $9 billion, or $1.67 per diluted share. Last year, Apple’s fourth quarter return was $51.5 billion and net income of $11.1 billion, or $1.96 per diluted share. Sales internationally accounted for 62% of the earnings this quarter.

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“Our strong September quarter results cap a very successful fiscal 2016 for Apple, we’re thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our Services business, where revenue grew 24 percent to set another all-time record” said Tim Cook, Apple’s CEO.

“We are pleased to have generated $16.1 billion in operating cash flow, a new record for the September quarter, we also returned $9.3 billion to investors through dividends and share repurchases during the quarter and have now completed over $186 billion of our capital return program” said Luca Maestri, Apple’s CFO.

Projections for Apple’s first quarter in 2017 is:

  • revenue between $76 billion and $78 billion
  • gross margin between 38 percent and 38.5 percent
  • operating expenses between $6.9 billion and $7 billion
  • other income/(expense) of $400 million
  • tax rate of 26 percent

 

 

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