Yahoo Finance Apple (AAPL) Beats & Raises; AMD, Mondelez Also Outperform
Apple Inc. AAPL shares leaped 5% in after-hours trading Tuesday following beats on top and bottom lines for its fiscal Q2 earnings release following the closing bell: $2.46 per share was better than the $2.37 expected (though still beneath the $2.73 per share in the year-ago quarter). Sales rose to $58.02 billion from the $57.55 billion expected, even with iPhone sales in the quarter slightly below projections of 31.1 million units.
Services revenues gained 16% year over year, while gross margins posted 63.8%. Business in China was down 22% year over year to $10.22 billion, but CEO Tim Cook explains that the month of March was much stronger than the earlier parts of the quarter, and he remains hopeful for a new trade deal between the U.S. and China. Guidance was bolstered to 37-38 cents in Q3 earnings, with revenues higher than expected at $52.5-54.5 billion.
International food distributor Mondelez MDLZ reported Q1 earnings after Tuesday's closing bell, with results better than expected: 65 cents per share outperformed the 61 cents in the Zacks consensus, while revenues in the quarter of $6.54 billion surpassed the $6.43 billion estimate. Organic revenue blew past expectations to 3.7% in the quarter from the estimated 2.3%. The Oreos maker saw particular strength in its Emerging Markets category. Shares have shot up nearly 2% in late trading.
Semiconductor major Advanced Micro Devices AMD also outperformed expectations, albeit barely: $0.06 per share beat the Zacks estimate by a penny, while sales in the quarter reached $1.27 billion from the $1.26 billion consensus. Gross margins were in-line expectations at 41% for the Zacks Rank #3 company. Yet shares jumped 6.3% on the news in the aftermarket.
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