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Apple's iPhone back to growth as company braces for coronavirus impact

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Apple reported sales and profits for the holiday shopping quarter above Wall Street expectations, thanks to rising iPhone sales for the first time in a year and soaring demand for add-ons like AirPods wireless headphones

Apple Inc on Tuesday reported sales and profits for the holiday shopping quarter above Wall Street expectations, thanks to rising iPhone sales for the first time in a year and soaring demand for add-ons like AirPods wireless headphones.

“We have limited travel to business-critical situations as of last week,” he said. “The situation is emerging, and we’re still gathering lots of data points and monitoring it very closely.” Apple is “forecasting a stronger Q2 than analysts predicted, but the fact that the coronavirus is spreading in unpredictable ways in China, where Apple has most of its hardware built, could upset this optimistic forecast,” said eMarketer principal analyst Yoram Wurmser.

Apple posted $91.8 billion in revenue for the quarter ended Dec. 28, compared with analyst estimates of $88.5 billion, according to IBES data from Refinitiv. Apple reported earnings per share of $4.99, compared with analyst estimates of $4.55 per share. “Services are important, but the trajectory is heading on target. I feel they’ve made good progress on that front,” said Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel.

 

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How much of this is due to record stock buybacks?

Stocks would surpass $500 by the yearend if no global political turbulence.

Air pods are unbearably overrated and overpriced. That they are ubiquitous is proof that our culture is bereft of sense.

Yeah, yeah, not surprised.

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