Apple fiscal Q2 revenue rises to record $111.2 bln, propelled by new MacBook Neo

Overview

• Consumer electronics giant's fiscal Q2 revenue rose 17% yr/yr to record $111.2 bln

• Diluted EPS for fiscal Q2 rose 22% yr/yr to record $2.01

• Company raised quarterly dividend by 4% and authorized $100 bln share buyback

Outlook

• Apple did not provide specific guidance for future quarters or the full year

Result Drivers

• IPHONE DEMAND - Co said March qtr iPhone revenue reached a record, driven by strong demand for the iPhone 17 lineup

• SERVICES GROWTH - Services revenue reached an all-time high, per co

• NEW PRODUCTS - Launches of iPhone 17e, M4-powered iPad Air, and MacBook Neo contributed to results, per CEO Tim Cook

Company press release: ID:nBw3CkzKWa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 34 "strong buy" or "buy", 12 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the phones & handheld devices peer group is "buy"

• Wall Street's median 12-month price target for Apple Inc is $300.00, about 11% above its April 29 closing price of $270.17

• The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 32 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.