Apple stock (AAPL) soared above $404 a share in after-hours trading Tuesday after the company reported quarterly earnings and revenues well beyond Wall Street estimates. Apple earned $7.79 a share on revenues of $28.57 billion, compared with consensus forecasts of $5.73 and $24.75 billion.
Apple posted sales of 20.3 million iPhones; 9.3 million iPad tablet computers; 7.5 million iPod music players and 4 million Mac computers. Perhaps more important than the raw numbers, Apple reported an expansion in profit margins to 41.7 percent from 39.1 percent a year ago.
The company estimated earnings of $5.50 a share for the quarter that ends on Sept. 30 on revenues of $25 billion. Traders often consider Apple’s guidance on the next quarter’s results to be more important than the figures just announced, although there is also widespread recognition that guidance is usually extremely conservative. Read More
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