Apple Inc. (NASDAQ:AAPL) stock was trading higher Friday but has since reversed and began trading lower after the company reported better-than-expected third quarter financial results on Thursday after the market closed.
What To Know: Apple reported earnings per share of $1.57, beating the consensus estimate of $1.42. In addition, the company reported sales of $94.00 billion, beating the consensus estimate of $89.04 billion.
The company broke down sales further, reporting $44.58 billion from iPhone, $6.58 billion from iPad and $8.04 billion from Mac. Wearables generated $7.40 billion, while services revenue totaled $27.42 billion.
“We are very pleased with our record business performance for the June quarter, which generated EPS growth of 12 percent,” said Kevan Parekh, Apple’s CFO.
“Our installed base of active devices also reached a new all-time high across all product categories and geographic segments, thanks to our very high levels of customer satisfaction and loyalty.”
Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.
- Raymond James analyst Srini Pajjuir reiterated an Outperform rating on Apple and raised the price target from $230 to $240.
- Barclays analyst Tim Long maintained an Underweight rating on Apple and raised the price target from $173 to $180.
- Rosenblatt analyst Barton Crockett maintained a Neutral rating on Apple and raised the price target from $217 to $223.
- Morgan Stanley analyst Erik Woodring maintained an Overweight rating on Apple and raised the price target from $235 to $240.
- B of A Securities analyst Wamsi Mohan maintained a Buy rating on Apple and raised the price target from $235 to $240.
See Also: This AppFolio Analyst Turns Bullish; Here Are Top 4 Upgrades For Friday
AAPL Price Action: At the time of writing, Apple stock is trading 2.33% lower at $202.72, according to data from Benzinga Pro.
Image via Shutterstock
