Apple · CNBC Technology
Apple's stock gains as company execs cite iPhone, Mac demand in boosting guidance
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Apple shares jumped more than 3% on Friday after the iPhone maker reported better-than-expected quarterly results and issued revenue guidance for the current period that sailed past analysts' estimates.
Key facts
- The company said late Thursday that revenue in the fiscal third quarter, which ends in June, will increase between 14% and 17% from a year earlier, while analysts were projecting growth of 9.5%
- CEO Tim Cook, who is preparing to step down in September after 15 years at the helm, touted the company's performance in the face of significant supply constraints due largely to the global memory
- Apple shares jumped more than 3% on Friday after the iPhone maker reported better-than-expected quarterly results and issued revenue guidance for the current period that sailed past analysts
- In March, Apple released a lower-cost computer called the MacBook Neo, and Cook said late Wednesday that customer response "has been off the charts, with higher-than-expected demand
Summary
CEO Tim Cook, who is preparing to step down in September after 15 years at the helm, touted the company's performance in the face of significant supply constraints due largely to the global memory crunch. The company said late Thursday that revenue in the fiscal third quarter, which ends in June, will increase between 14% and 17% from a year earlier, while analysts were projecting growth of 9.5%. In March, Apple released a lower-cost computer called the MacBook Neo, and Cook said late Wednesday that customer response "has been off the charts, with higher-than-expected demand. Analysts sought clarity from Cook, who said the company would "look at a range of options" to address soaring memory costs, a trend the CEO only sees intensifying.