Apple Stock News
For the latest Apple Stock News, AAPL closed at $159.34 per share on, August 2nd, 2017. It generated a return of 6.23% from its previous close on August 1st, 2017, when it closed at $150.00 per share.
Apple opened the current trading day at a record high to push its market capitalization to over $830 billion, on the back of an explosive fiscal third quarter quarterly report. APPL was able to beat expectations and estimates concerning both top-line revenue (expected to be $44.89 billion while the company returned $45.4 billion) and bottom-line earnings (expected to be $1.57 per share while the company returned $1.67 per share, or $8.7 billion). Additionally, what is arguably the most mind-boggling data point in this quarter’s report is Apple’s cash balance of $261.5 billion. Suffice it to say Apple continues to solidify its spot as the largest and most valuable company on the planet (by market cap).
Low expectations were set out for Apple from the beginning, as rumours of a “lame-duck” quarter – whereby – were floated in anticipation of the much-awaited iPhone 8 release date in September. The major concerns facing the company are its related ability to create new products and the point (if any exists) at which existing product lines will decline in value or demand; for example, the iPhone 8 represents a new instalment of the now 10-year-old smartphone. This latter issue is the major question filling the heads of financial market participants and existing and potential Apple customers regarding the iPhone 8. Will the new modifications to the product really be worth the approximate $1,100 price tag? Will the phone be radically different to justify this cash outlay?
In addition to the recent narrow focus on the iPhone product line, iPad sales were also very impressive with 15% growth fo 11.4 million, whereas expectations sat more closely to 9 million. Products aside, Apple’s services business segment also generated strong growth of 22% to $7.3 billion in sales; an all-time quarterly high for the company. These landmark, easily-recognisable, and unmatched Apple stores now represent a $27.8 billion business for the company.
All things considered, it is absolutely a positive sign to see that the tech giant that is Apple is still able to beat expectations and deliver strong and reaffirming performance. As a 41-year-old company with a relatively fixed number of products to date, there have been concerns surrounding the future of Apple and the possibility of its ultimate decline or demise. Numbers like these, however, tell a different story.
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