Aug 1 – Apple (NASDAQ:AAPL) traded nearly 2% higher in premarket action Friday after posting fiscal third?quarter results that topped Wall Street expectations. Strong iPhone sales in China drove the upside, giving the tech giant a much?needed boost in a market that had been a drag for the past year.
The company reported revenue of $94.04 billion, surpassing the Street’s $89.35 billion forecast. iPhone sales reached $44.58 billion, well ahead of estimates at $40.29 billion, while China delivered $15.37 billion in revenue, up 4% from a year earlier. Analysts noted that government stimulus helped lift demand during the period, setting the stage for Apple’s upcoming iPhone 17 cycle.
Wedbush reiterated its “Outperform” rating and a $270 price target on the stock, calling the iPhone performance in China the star of the show. Mac and Services also posted double?digit growth, contributing to the company’s strong top? and bottom?line performance.
The better?than?expected results mark an encouraging shift for Apple in its core Asian market, where recent quarters faced headwinds. Investors now look to the next iPhone launch to keep momentum going.
This article first appeared on GuruFocus.
