Shares of Apple (NASDAQ:AAPL) gained in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $1.52, which beat analysts’ consensus estimate of $1.43 per share. Sales decreased by 2.5% year-over-year, with revenue hitting $94.84 billion. This beat analysts’ expectations of $92.84 billion.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Apple offered data on several segments, and the results here were mixed. The clear star was iPhone sales, which reached $51.33 billion, up 1.5% against this time last year. Services also gave a solid performance, up 5.4% year-over-year to come in at $20.9 billion. However, Mac sales slid sharply, falling 31.3% to $7.17 billion, and the Wearables, Home, and Accessories division lost a scant 0.7% compared to last year to come in at $20.9 billion.
In a boon to investors, Apple hiked its dividend modestly from $0.23 per share to $0.24 while announcing a share buyback of $90 billion.
Overall, Wall Street has a consensus price target of $177.23 on Apple stock, implying 6.9% upside potential, as indicated by the graphic above.
