Apple Stock News: Apple Misses Revenue Estimates But Remains Optimistic

Apple Stock News

For the latest Apple Stock News, AAPL closed at $147.51 on Tuesday, May 2, 2017. It had a gain of 0.63% from its previous close of $146.58 per share.

Apple Stock News

 

Apple has released its second quarter earnings of 2017.  The company surpassed expectations, however, the company missed their revenue estimates. Apple reported $52.9 billion, short of estimates of $53.02 billion by Thomson Reuters.

Although the company missed its revenue estimates and the iPhone sales also fell short of expectation, the company in the CEO’s mind is in a good position.  The company did surpass estimations in EPS of $2.10, compared to $2.02 EPS. Let’s not forget, this is the company that has over $255 billion in cash.  According to CNBC, just the company’s cash on hands makes it larger than the market capitalization of General Electric.

The service segment brought in $7 billion in the quarter, and the company plans to double its service revenue earned by 2020.  The service segment has been Apple’s fastest growing segment.  The App store is grew by 40% and the developers community increased by 20% compared to last year.

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