“This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends” — Tim Cook, Apple’s CEO
It turns out1, Apple is not doomed after all.
I bought Apple stock in 2014 and it has been a very good decision. I only wish I would have bought Apple stock in 2004 instead of that iPod Photo. Don’t get me wrong, I loved the iPod Photo but the same $450USD invested in owning part of the company itself would be worth about $20,500USD today (about $26,800 CAN). Talk about an expensive music player2.
1. Once again.
2. That based purely on stock price and doesn’t include the dividends.
From Apple’s Press Release:
Apple Reports Third Quarter Results
Company Revenue Sets June Quarter Record
Services Revenue Reaches New All-Time High
July 30, 2019 04:30 PM Eastern Daylight Time CUPERTINO, Calif.—(BUSINESS WIRE)—Apple® today announced financial results for its fiscal 2019 third quarter ended June 29, 2019. The Company posted quarterly revenue of $53.8 billion, an increase of 1 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.18, down 7 percent. International sales accounted for 59 percent of the quarter’s revenue.
“This was our biggest June quarter ever — driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends,” said Tim Cook, Apple’s CEO. “These results are promising across all our geographic segments, and we’re confident about what’s ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products.”
“Our year-over-year business performance improved compared to the March quarter and drove strong operating cash flow of $11.6 billion,” said Luca Maestri, Apple’s CFO. “We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares, and $3.6 billion in dividends and equivalents.”
Apple is providing the following guidance for its fiscal 2019 fourth quarter:
- revenue between $61 billion and $64 billion
- gross margin between 37.5 percent and 38.5 percent
- operating expenses between $8.7 billion and $8.8 billion
- other income/(expense) of $200 million
- tax rate of approximately 16.5 percent
- Apple’s board of directors has declared a cash dividend of $0.77 per share of the Company’s common stock. The dividend is payable on August 15, 2019 to shareholders of record as of the close of business on August 12, 2019.
Apple will provide live streaming of its Q3 2019 financial results conference call beginning at 2:00 p.m. PDT on July 30, 2019 at www.apple.com/investor/earnings-call/. This webcast will also be available for replay for approximately two weeks thereafter.
Apple periodically provides information for investors on its corporate website, apple.com, and its investors relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance and details related to its annual meeting of shareholders.