Apple poised to carry Dow past 22000 Wednesday
firstname.lastname@example.org (Fox News Online)
Apple ‘s quarterly earnings report carried the company’s shares higher Tuesday evening, putting it on track to lift the Dow Jones Industrial Average over 22000 for the first time ever.
The tech giant surged 5.1%, or $7.67, in after-hours trading. Should those gains hold through Wednesday’s close, Apple will have added 52.53 points to the Dow industrials, according to WSJ Market Data Group. The Dow closed about 36 points shy of 22000 on Tuesday.
The stock’s rise, also, would be the largest one-day increase ever in dollar terms and the biggest percentage gain in six months.
The largest U.S. publicly-traded company by market value, Apple delivered its second-best revenue in company history. Strong iPad and Mac sales boosted Apple’s revenue, and even iPhone sales grew 3.3% from the same quarter a year earlier.
The report comes ahead of the release of the 10th-anniversary iPhone expected in the fall. Many analysts have speculated that the new iPhone would create another ” supercycle” and drive Apple shares higher. The company has invested heavily in new technologies for its flagship product, leading some to suggest that it could be delayed and cost as much as $1,400. Still, Apple gave a quarterly revenue guidance of $49 billion to $52 billion for the upcoming quarter, a figure that’s in line with what analysts expected.
Here’s a breakdown of Apple’s most recent quarter in four charts:
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Sales jumped 7.2% from a year earlier, its best growth in seven quarters.
Profit for the period rose nearly 12% to $8.72 billion.
Even though the summer normally marks one of Apple’s weakest periods since customers typically hold off buying iPhones ahead of a fall release of the new device, iPhone sales grew more than 3%. Many analysts expect growth in iPhone sales to increase significantly next year after the iPhone 8 is released.
Mac sales rose for the third consecutive quarter, while iPad shipments increased for the first time in 14 quarters, boosting the company’s bottom line.
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