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Big Earnings Beat
Shares in US tech giant Apple have exploded to fresh all-time highs following a bumper Q2 earnings report. Apple stock is trading a further 2.5% higher pre-market on Tuesday as traders continue to digest the details of the earnings results.
Apple reported an EPS of $2.58 over the quarter, surpassing expectations of a $2.05 reading. Revenues jumped 11% year-on-year to $59.7 billion. Given expectations of a 2% drop to $52.6 billion, the revenues figure was impressive.
iPhone Sales increase Through Online Sales
Looking at the breakdown of the earnings report, growth in iPhone sales was particularly surprising. This is given that over the last quarter the overall US smartphone market shrunk by 25% However, given the uptick in online shopping, Apple has been able to benefit due to its strong e-commerce operations.
Commenting on the results, Apple CEO Tim Cook said:
“We’re conscious of the fact that these results stand in stark relief during a time of real econ...
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