Apple Earnings Update
The market continues its gingerly stroll through earnings season. This feels more like whistling past the graveyard as any moment could see a great stock become a clunker by missing Wall Street’s consensus and/or offering lower guidance. There are more and more signs and hope that this quarter is the inflection point that sees a year-over-year improvement in bottom line results.
After the close on Tuesday, Apple (AAPL) beat the Street by a penny, although the gross margin was a slight miss. The company sold more phones than it officially expected, but there were some after-hours whining that it should have been more. Management offered revenue guidance for the current quarter- as much as $78 billion versus the Street’s $75.3 billion.
I am not worried about the Apple results. However, the shares were a little ahead of themselves, but this is still an undervalued stock and a long-term hold. I would like to see an even more aggressive move into other areas, including services.
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