On May 1, Apple rose 3.01% pre-market, trading at $279.56/share, with trading volume of approximately $13.23 million. The move follows the company's earnings call, during which management issued significantly stronger-than-expected revenue guidance for the fiscal third quarter.
During the post-earnings analyst call, Apple executives disclosed that the company expects fiscal Q3 revenue, for the quarter ending in June, to grow 14%-17% year-over-year, far exceeding the analyst consensus estimate of 9.1% growth. Management also indicated that gross margins for the current quarter are expected to be only slightly below the prior quarter's level, which had surpassed 49%. Additionally, Apple stated it is no longer pursuing a net-cash-neutral position. CEO Tim Cook noted that the Mac product line is expected to continue facing supply shortages during the fiscal third quarter. Following the release of these bullish guidance figures, Apple shares reversed an after-hours decline to turn positive, surging as much as nearly 5% at one point.
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