Apple CFO Guides 4Q Revenue Growth of 9%–11%
AAPL sits 54% above its 52-week low of $201.5.
Summary
Apple's CFO provided fourth-quarter revenue growth guidance of 9% to 11%, with iPhone growth expected in the mid-teens. The company sees gross margin between 47% and 48%, while facing a foreign exchange headwind of 2.5 percentage points. CEO noted supply constraints primarily affected Mac, and memory costs are set to rise in the fourth quarter from the third, though costs on certain non-memory components are expected to be lower. This follows a record June quarter with a 22% iPhone revenue surge, reinforcing strong demand. With a $4.9 trillion market cap, even modest growth surprises can move the stock significantly, and the next major catalyst is the September iPhone launch event.
At the time of this announcement, AAPL was trading at $310.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.9T. The 52-week trading range was $201.50 to $344.57. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.