Apple Posts $81 Billion In Revenue During Best Second Quarter Ever—Shattering Wall Street Expectations

Apple, the most prestegious company in the world, posted its second-quarter record Tuesday after the market closes. Its performance was better than Wall Street’s expectations due to strong iPhone sales.

Apple’s earnings call will take place at 5 p.m. ET. D.A.’s senior research analyst, Tom Forte. Davidson said that he would be watching for any comments by management on the growing government scrutiny of tech companies. “We believe government action–via antitrust, executive order, and legislation–represents the single greatest risk for shares of Apple,” Forte said in a recent note. He is especially concerned about antitrust regulation, as it could affect Apple’s app store dominance compared to the competition from Samsung and Google.

“While a global chip shortage plagued the quarter, we believe Apple’s strength in its iPhones, as well as its services businesses, offset any short-term weakness Wall Street anticipated three months back,” Dan Ives, Wedbush analyst, wrote in a pre-earnings note. He noted that Apple had outperformed analyst expectations due to an increase in China demand.

$159. Bloomberg data shows that analysts predict Apple shares could rise to $159. This is an 8% increase over current prices of around $306.

Apple shares were founded in 1976 as a manufacturer and distributor of personal computers. They have seen a rapid rise of nearly 500% in the last five years and 55% in the past year, owing to massive sales growth, accounting for 53% of total revenue. The company has a market capitalization near $2.5 trillion, and it generated nearly $275 million in sales last year.

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Adam Collins
Adam writes about technology, business and economics. With master's degree in Economics, he's presented six papers in international conferences. As a solivagant in the constant state of fernweh, curiosity is the main weapon in his arsenal.

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