Apple Q1 revenue rises 16%, iPhone revenue hits all-time high

Reuters05:38
Apple Q1 revenue rises 16%, iPhone revenue hits all-time high

Overview

  • Tech giant's fiscal Q1 revenue rose 16% yr/yr, reaching $143.8 bln

  • EPS for fiscal Q1 increased 19% to $2.84

  • iPhone and Services revenue hit all-time highs

Outlook

  • Apple did not provide specific guidance for future quarters

Result Drivers

  • IPHONE DEMAND - iPhone achieved its best-ever quarter with unprecedented demand across all geographic segments, according to CEO Tim Cook

  • SERVICES GROWTH - Services revenue reached an all-time high, growing 14% year over year, as reported by Apple

  • ACTIVE DEVICES - Installed base of active devices exceeded 2.5 bln, reflecting strong customer satisfaction, per CEO Tim Cook

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q1 Revenue

$85.27 bln

Q1 EPS

$2.84

Q1 Dividend

$0.26

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 29 "strong buy" or "buy", 17 "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 $288.00, about 12.3% above its January 28 closing price of $256.44

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

Press Release: ID:nBw87yQtca

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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