Home > Apple shares jump 4% after hours following record Q1 revenue results

Apple shares jump 4% after hours following record Q1 revenue results

  • Apple Inc. revenue jumped 11% in Q1, up in all categories except for the iPad

  • Visa shares traded higher while Robinhood fell in after hours trading 

Apple  (AAPL) shares jumped more than 4% in after hours trading on Thursday following the company’s record Q1 earnings. 

The tech giant’s revenue for the quarter increased 11%, the largest percentage increase in a single quarter, with sales across nearly all product categories beating Wall Street expectations.

Apple Inc. reached historic sales despite major supply chain issues cutting across the industry and the drawdown in the market occasioned by the negative sentiment around Omicron. As noted by the tech giant, strong demand for its latest product and services drove up the revenue.

Apple Inc. Q1 2022 revenue by numbers

Revenue rose to $123.9 billion, 11% up year-over-year and higher than analysts’ estimates of $118.6 billion. Earnings per share (EPS) rose to $2.10 per share compared to $1.89 estimated, showing a 25% jump year-over-year.

In the products category, sales from iPhone were $71.63 billion against $68.34 billion estimated, and brought YoY gains to 9%.

Services revenue also rose, with reported sales of $19.52 billion compared to $18.61 billion expected on Wall Street, while revenue from Mac came in at $10.85 billion versus an estimated $9.52 billion. Revenue in the two categories increased 24% and 25% year-over-year respectively.

The company however missed analyst estimates for the iPad revenue, which was reported at $7.25 billion over the quarter compared to $8.18 billion projected by Wall Street.  This showed a 14% decline year-over-year.

Apple CEO Tim Cook said that the historic Q1 results were down to the company's “most innovative lineup of products and services.” He added that this happened mainly because of great customer demand across the world amid the Covid-19 concerns.

Apple reported its Q1 earnings results after the closing bell, with Wall Street having seen the major indexes retreat after opening higher. The Dow closed almost unchanged, while the S&P 500 slipped 0.54% and Nasdaq closed 1.4% lower.

Elsewhere in the stock market

Visa (V) shares rose 4.6% in after hours trading, with the upside action for the payments giant coming after earnings beat estimates. The credit card company earnings per share were $1.81, adjusted, beating analyst estimates of $1.70 per share.

Shares of Robinhood (HOOD) fell more than 6% in regular trading and were 11% down after hours. This followed the trading app’s disappointing revenue forecast for Q1.

Tesla stock closed more than 10% down on Thursday, with the slump coming after the company announced delays for its Cybertruck and Semi truck.

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