Company Update (NASDAQ: AAPL): Apple Reports Record First Quarter Results
Apple (NASDAQ:AAPL) has announced financial results for its fiscal 2015 first quarter ended December 27, 2014. The company posted record quarterly revenue of $74.6 billion and record quarterly net profit of $18 billion, or $3.06 per diluted share. These results compare to revenue of $57.6 billion and net profit of $13.1 billion, or $2.07 per diluted share, in the year-ago quarter. Gross margin was 39.9 percent compared to 37.9 percent in the year-ago quarter. International sales accounted for 65 percent of the quarter’s revenue. The results were fueled by all-time record revenue from iPhone and Mac sales as well as record performance of the App Store. iPhone unit sales of 74.5 million also set a new record. “We’d like to thank our customers for an incredible quarter, which saw demand for Apple products soar to an all-time high,” said Tim Cook, Apple’s CEO. “Our revenue grew 30 percent over last year to $74.6 billion, and the execution by our teams to achieve these results was simply phenomenal.”… Read more »
Shares of Apple opened today at $109.14 . AAPL has a 1-year high of $119.75 and a 1-year low of $70.51. The stock’s 50-day moving average is $110.54 and it’s 200-day moving average is $104.35.
On the ratings front, Apple has been the subject of a number of recent research reports. In a report released yesterday, Cantor Fitzgerald analyst Brian White maintained a Buy rating on AAPL, with a price target of $143, which represents a potential upside of 31.0% from where the stock is currently trading. Separately, on the same day, Piper Jaffray’s Gene Munster maintained a Buy rating on the stock and has a price target of $135.
In total, one research analyst has rated the stock with a Sell rating, 5 research analysts have assigned a Hold rating and 32 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $109.14 which is 15.7% above where the stock opened today.