Apple Inc. (NASDAQ: AAPL) is up over 9% in after-hours trading on its excellent earnings report.
How much did Apple make? It reported quarterly profit of $1.61 billion, or $1.78 a share, on revenue of $10.17 billion. This was slightly above its performance last year when Apple earned $1.58 billion, or $1.76 a share, on revenue of $9.6 billion.
Apple beat expectations by 32 cents a share. FactSet Research expected Apple to earn $1.29 a share on $10.16 billion in revenue.
There is something good brewing in tech-land. After all, International Business Machines (NYSE: IBM) also exceeded expectations by a mile when it reported yesterday.
Is it time to stock up on tech?
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.
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Reader Comments (Page 1 of 1)
1-21-2009 @ 5:43PM
Beltway Greg said...
Not surprised about earnings, I predicted $1.71 and thought we'd hit $1.76 but lowered my estimate because even I couldn't believe they would exceed last year given the economy. I could list them but all of the channel checking nitwits (analysts) that cover this stock are idiots and really shouldn't be employed. This afternoon CNBC had Maria B. asking AIG's version of Bernie Madoff, Hank Greenberg, about banking and economic issues. Do they really want to be taken seriously? I guess not. Got to admit had stop set at $78.00. Thanks for the stay of execution. Oppenheimer should be fired immediately. Look I'm some dope who constantly is able to just about get the number to the penny and he works for the company and can't seem to do his job. I'm thinking that Obama creates some type of economic entity that Hoovers up all of the malignant bank debt sometime in the next two weeks. Stay short at your peril. With the right kind of recovery Apple could very easily go back to $200/share.
Beltway Greg