May 5, 2023 - Economy & Business
Apple's earnings reveal another "LeBron-like" quarter
Another quarter, another $20 billion-plus profit.
Why it matters: With a market value of more than $2.6 trillion, Apple is the most heavily weighted stock in S&P 500 index. Meaning, it influences this measure of the market more than any other.
The latest: America's largest company posted better-than-forecast earnings and sales numbers for the three months ended April 1, which is Apple's fiscal second quarter.
What they're saying: "Apple delivered a strong Lebron-like March quarter which the company saw beats on the top and bottom lines," wrote analyst Dan Ives, of brokerage firm Wedbush Securities.
The numbers: Good.
- Sales were $94.84 billion, above the roughly $93 billion analysts expected.
- Profit, or net income, was $24.16 billion, also better than the $22.60 billion analysts had penciled in.
- iPhone sales of $51.33 billion outpaced expectations.
- Apple also raised its dividend and tossed another $90 billion into its kitty to buyback shares.
- The stock rose in after-hours trading.
The bottom line: Regional banks may come and go, but Apple appears to be eternal.