Apple posts strong results

World’s largest company Apple Inc. (NASDAQ: APPL) announced the latest financial results after the market closed in the US on Thursday.
After disappointing results last quarter, the company bounced back in the fiscal 2023 second quarter ended April 1, 2023, topping revenue and earnings per share (EPS) estimates.

Company overview
• Founded: April 1, 1976
• Headquarters: 1 Apple Park Way, Cupertino, California, United States
• Number of employees: 164,000 (2022)
• Industry: consumer electronics, software services, online services
• Key people: Arthur D. Levinson (chairman), Tim Cook (CEO), Jeff Williams (COO), Luca Maestri (CFO)

The results
Apple reported revenue of $94.836 billion for the quarter vs. $92.906 billion expected. Revenues were up down by 3% from the same period last year.
EPS reported at $1.52 per share (unchanged year-over-year) vs. $1.429 per share expected.
The company announced a dividend of $0.24 per share.

CEO commentary
“We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment, and to have our installed base of active devices reach an all-time high,” Apple’s CEO, Tim Cook said in a letter to investors.
“We continue to invest for the long term and lead with our values, including making major progress toward building carbon neutral products and supply chains by 2030,” Cook concluded.

The stock was down by just shy of 1% at market close on Thursday at $165.77 a share.
Share price rose by around +2% in after-hours following the latest results.

Stock performance
• 1 month: +0.69%
• 3 months: +9.93%
• Year-to-date: +27.60%
• 1 year: +5.75%

Apple price targets
• Rosenblatt: $173
• Baird: $180
• B of A Securities: $173
• Deutsche Bank: $170
• Barclays: $149
• JP Morgan: $190
• Wedbush: $205
• Credit Suisse: $188
Apple is the largest company in the world with a market cap of $2.640 trillion, according to CompaniesMarketCap.
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Sources: Apple Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap, Wikipedia