From CNBC: 2024-08-01 22:13:17

Apple reported a strong quarter with revenue reaching a record $85.78 billion, up 5% from last year, and EPS at $1.40. Despite an initial drop, Apple stock recovered, closing down 1.7%. Services revenue hit an all-time high, and China sales improved, down only 6.5% year-over-year, with iPhones dominating urban China sales. CEO Tim Cook emphasized the company’s AI investments. Apple’s strong financial position and ongoing innovation anticipate the upcoming AI-enabled iPhone launch for potential growth in device sales. Quarter cost sales slightly exceeded expectations, but improving gross margins and strong profitability in Services balanced the higher expenses. Expectations for the upcoming quarter indicate similar growth rates exceeded estimates. Services are projected to grow at a double-digit rate. Gross margin and operating expenses are forecasted above estimates. Cramer’s charitable trust is long on Apple, emphasizing a long-term strategy for owning shares.

Apple delivered record revenue of $85.78 billion in fiscal Q3, up 5% from last year, with EPS at $1.40. Despite an initial drop, Apple stock recovered and closed down 1.7%. Strong overall sales and profitability were driven by record Services revenue. With the upcoming AI-enabled iPhone launch, Apple remains well-positioned for future growth. CEO Tim Cook highlighted the company’s ongoing investment in AI. Services revenue reached an all-time high, with strong hardware sales and consistent profitability. Expectations for the upcoming quarter indicate continued growth rates, with revenue and services expected to perform well above market estimates. Gross margins and operating expenses are forecasted to exceed expectations, reflecting Apple’s robust financial position and ongoing innovation. Apple’s strategic long-term approach continues to support shareholder value and potential growth opportunities, particularly with the AI-enabled iPhone launch on the horizon. Cramer’s charitable trust has a long-term position in Apple, emphasizing its value as an investment.



Read more at CNBC:: Apple strong quarter puts it on sure footing ahead of AI iPhone launch