Apple Beats March-Quarter Targets Despite Coronavirus Headwinds [Investor's Business Daily]
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Source: Investors Business Daily
Related news Consumer electronics behemoth Apple ( AAPL ) late Thursday beat Wall Street's targets for its coronavirus-impacted March quarter. But the Apple earnings report caused AAPL stock to waver in extended trading. The Cupertino, Calif.-based company earned $2.55 a share on sales of $58.31 billion in its fiscal second quarter ended March 28. Analysts were looking for Apple earnings of $2.26 a share on sales of $54.54 billion. On a year-over-year basis, Apple earnings rose 4% while sales inched 1% higher. "Despite Covid-19's unprecedented global impact, we're proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables," Chief Executive Tim Cook said in the Apple earnings news release. Apple did not issue guidance for the current quarter in its news release or on a conference call with analysts. It cited market uncertainties related to the coronavirus pandemic for its decision to withhold guidance. Wall Street is p
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