Apple Reports Strong Q1 Earnings, Exceeding Expectations
CUPERTINO, Calif. (AP) - Apple Inc. (AAPL) announced fiscal first-quarter earnings of $36.33 billion on Thursday. The Cupertino-based tech giant reported a profit of $2.40 per share, outpacing analysts' forecasts.
The average estimate among 11 analysts surveyed by Zacks Investment Research was for earnings of $2.36 per share. Apple's revenue for the period also surpassed expectations, totaling $124.3 billion. Nine Zacks analysts anticipated revenue of $124 billion.
Apple's stock has shown some volatility, declining 5% since the start of 2023. However, the company's shares still hold significant gains over the past year, increasing by 26% as of Thursday's closing price of $237.56. This marks a positive trajectory compared to the S&P 500 index, which has risen 27% over the same period.