- Apply announced strong Q3 results.
- Directors revealed a $0.23 per share quarterly dividend.
- Apple enjoys steady iPhone demand.
Apple (NASDAQ: AAPL) revealed stable third-quarter earnings this Thursday. Moreover, the board of directors revealed a $0.23 per quarter share dividend.
Apple confirmed its capacity to increase sales even amidst uncertain times for the United States economy. Also, the company announced witnessing strengthened iPhone demand.
Apple Enjoys Strengthened iPhone Demand
Apple published impressive Q3 earnings on Thursday. Its total revenue noted a Y/Y 1.9% increase to $82.96 billion, whereas the GAAP earnings/share beat by $0.05 to $1.20.
Meanwhile, Q3 results exceeded expectations; iPhone accounted for $40.65 billion in revenue, while Apple’s Service revenue surged to the $19.6 billion mark.
Sales attributed to Mac, Wearables & Accessories, and iPad were $7.38 billion, $8.08 billion, and $7.22 billion. Meanwhile, Apple confirmed stability even amidst challenging economic times. The Company’s CEO Tim Cook stated that Apple set quarter records in Europe, Asia, and America in June.
He added that they saw impressive records in merging and developed markets, with double-digit growth in Vietnam, Indonesia, and Brazil, whereas India nearly doubled its revenue.
Meanwhile, directors unveiled a $0.23 share dividend for the quarter, matching the previous, payable on 11 August to shareholders on record as of 8 August 2022.
Apple confirmed witnessing continued demand for iPhone, while CEO Tim Crook said the company enjoys a lucrative environment to enhance its already booming market presence in the upcoming months.
Apple did not disclose exact revenue or earnings projections for the coming fiscal quarter. However, Chief Financial Officer Luca Maestri revealed expecting a Q4 growth margin of 41.5% – 42.5% on sales that have grown from the past year.
Analysts remain optimistic about Apple following the Q3 report. Deutsche Bank kept a buy rating with a price target of $175, whereas Amit Daryanani of Evercore pushed his projection to the $185 price zone.
DAN Ives, an analyst at Wedbush Securities, stated that Apple could navigate supply chain issues, maintaining his outperforming rating plus a price target of $200 for Apple’s stock.
Apple shares advanced briefly by 19% since early July 2022, currently trading at $162.51. A price jump past $165 will signal ‘trade’ AAPL, opening the path to the $170 target. Meanwhile, price declines beneath the $150 stable support would mean a ‘sell’ sign, clearing the gates to $130.
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