Apple shares jump 5% as results beat expectations

Anna Fedorova
clock

Apple shares rose by almost 5% in after-hours trading after its third quarter results beat analysts' expectations, boosted by strong iPhone sales.

The technology giant sold 31.2m iPhones in the quarter ended in June, 20% more than the same period last year, beating analysts' forecasts of 27m sales. Company earnings were also better than expected at $35.3bn, despite net profit being down 22% from last year to $6.9bn. But with investors having expected an even larger profit fall, Apple shares soared nearly 5% in after-hours trading on the announcement, having earlier closed 1.7% down at $419. Earlier this year the firm lost its position as the world's most valuable publicly traded company, after its shares dipped as low as $402...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on US

JP Morgan AM's Karen Ward: Investors should not 'trade' the US election
US

JP Morgan AM's Karen Ward: Investors should not 'trade' the US election

Focus on policy impact on inflation

Valeria Martinez
clock 14 March 2024 • 2 min read
Royal London AM launches Irish-domiciled US Equity fund
US

Royal London AM launches Irish-domiciled US Equity fund

Managed by Chris Parr

clock 13 March 2024 • 1 min read
LGIM CIO Laud: Magnificent Seven could be reaching bubble territory
US

LGIM CIO Laud: Magnificent Seven could be reaching bubble territory

Favours thematic approach to AI

Valeria Martinez
clock 11 March 2024 • 2 min read
Trustpilot