By Jack Anderson
on 2019-07-30 17:30:42 ET
Apple Inc. today announced its last earnings report, beating estimates and making it its best June quarter ever. The tech giant posted $53.8 billion revenue versus $53.4 billion expected.
Meanwhile, it posted earnings per share of $2.18 versus $2.10 expected.
Net quarterly profit was $10.0 billion. To put things into perspective, Apple Inc. has made $10,000,000,000 of profit in the last quarter. That's an astonishing $77,100 every single second.
In the call to investors, CEO Tim Cook explained that revenue combined from wearables and services would have the size of a Fortune 50 company, thus proving that the strategy to develop and market the Apple Watch was beyond a smart move – Apple has surpassed Rolex a couple of years ago as the number one watch sellers in the world. The wearable space is now so strong for Apple that it has topped the iPad sales for the first time.
Services grew YOY at 13% and continue to provide strong growth for the company. This is ahead of the release of Apple TV+, which will be launched in the Fall.
Finally, Apple has at present a massive $210.6 billion in cash on hand.
Following the release of the EP, the shares of $AAPL soared +4.22%, from a closing price of $208.78 to $217.60.
on 2019-08-07 17:20:40 ET
$10,000,000,000 of profits in three months? Apple is simply the ultimate money machine if you ask me.