Consumer electronics leader Apple (AAPL) late Thursday beat estimates for its fiscal fourth quarter on record iPhone and services revenue. It also guided above views for the current period. Apple stock rose on the news.
The Cupertino, Calif.-based company earned $1.85 a share on sales of $102.5 billion in the quarter ended Sept. 27. Analysts polled by FactSet had expected Apple earnings of $1.78 a share on sales of $102.2 billion. On a year-over-year basis, Apple’s adjusted earnings rose 13% while sales increased 8%.
Fiscal Q4 included the first couple of weeks of sales for Apple’s iPhone 17 series smartphones.
In the September quarter, Apple’s services revenue rose 15% year over year to $28.75 billion. Services accounted for 28% of Apple’s total revenue in the period.
Apple’s iPhone sales increased 6% to $49 billion in fiscal Q4. Smartphones accounted for 48% of Apple’s total revenue in the quarter.
Apple’s Mac computer sales rose 13% to $8.7 billion in fiscal Q4. Meanwhile, iPad tablet sales and Wearables, Home and Accessories sales were flat in the period.
Apple Stock Rises As Company Ups Outlook
For the current quarter, its fiscal Q1, Apple expects total revenue to increase 10% to 12% year over year. At the midpoint, Apple’s December-quarter revenue would rise 11% to $138 billion.
Analysts had been forecasting sales of $131.8 billion, up 6%, in the December quarter. Wall Street is modeling earnings of $2.54 a share, up 6%, in fiscal Q1.
“We are heading into the holiday season with a truly remarkable lineup,” Chief Executive Tim Cook said on a conference call with analysts.
In after-hours trading on the stock market today, Apple stock climbed 3.5% to 281.01. During the regular session Thursday, Apple stock rose 0.6% to close at 271.40, giving it a market cap of $4.03 trillion. In intraday trading on Thursday, it notched a regular-session record high of 274.14.
On Oct. 20, Apple stock broke out of a 42-week consolidation pattern at a buy point of 260.10, according to IBD MarketSurge charts.
Apple stock is on the IBD Tech Leaders list.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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