Quarterly earnings figures from Apple (NASDAQ:APPL) came in higher than analysts’ prior consensus expectations. The company reported earnings of $1.67 per share representing revenues of $46.90 billion.
The latest figures also unveiled a first glimpse of sales of the iPhone 7. Consumer reception of the latest incarnation of the company’s flagship product has been mixed. However sales beat forecasts and were reported at 45.5 million units.
In its press release the company declared it was “thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Services 2 , as well as the incredible momentum of our Services business”.
Drilling deeper into the figures the 24% increase in its Apple Services business certainly helped to counter falling sales in many product areas. Both iPad (6%) and Macs (14%) while beating forecasts, showed a continued decline in sales.
Guidance for the next quarter puts Q1 revenue at between $76BN t $78BN. This surpasses previous estimates of $74.9BN. The company had a similar upbeat forecast for iPhone sales. 45.5 million units are expected to be sold.
A short time ago in after hours trading shares in the silicon valley group were down 2% to $115.18.
While at its press event on October 27 the company is expected to announce it’s latest incarnation of it’s iMac range it may yet have a surprise up its sleeve. Rival Google has already launched it’s latest Pixel Android phone in time for the upcoming holiday season. This time of year is a key battleground for technologies.
Further positives that Apple can take going forward are however not of its own making. The failure of Samsung to sort it disastrous Galaxy Note 7 and the products subsequent recall may well turn more users onto the iPhone. Analysts estimate that as many as 1 million customers worldwide may switch to the iPhone 7.
Outlook
It’s hard not to back the silicon valley giant. The shares have however rallied strongly in recent months. A binary options pairs contract could prove to be a better way to trade the latest results. The company looks strong in it’s sector.
Apple has now beaten earnings expectations in 24 out of the last 28 quarters. On average it’s shares have traded positive one week after the announcement of results, with an average gain of 2%.