AAPL Pleases Investors with Earnings Bonanza

Shares of Apple (NASDAQ:AAPL) gained in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $1.52, which beat analysts’ consensus estimate of $1.43 per share. Sales decreased by 2.5% year-over-year, with revenue hitting $94.84 billion. This beat analysts’ expectations of $92.84 billion.

Apple offered data on several segments, and the results here were mixed. The clear star was iPhone sales, which reached $51.33 billion, up 1.5% against this time last year. Services also gave a solid performance, up 5.4% year-over-year to come in at $20.9 billion. However, Mac sales slid sharply, falling 31.3% to $7.17 billion, and the Wearables, Home, and Accessories division lost a scant 0.7% compared to last year to come in at $20.9 billion.

In a boon to investors, Apple hiked its dividend modestly from $0.23 per share to $0.24 while announcing a share buyback of $90 billion.

Overall, Wall Street has a consensus price target of $177.23 on Apple stock, implying 6.9% upside potential, as indicated by the graphic above.

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