Apple Inc. reported earnings for Q2 of the fiscal 2019 year, and although the reported EPS of $2.46 beat the initial forecasts of $2.37, the company’s stock fell with 1.93% during Tuesday’s trading session.
The technological giant reported quarterly revenue of $58 billion, which measures a decline of 5 per cent from the same quarter of the previous year. The actual EPS also reflected a 10 per cent drop since the earnings per share for Q2 of 2018.
Under different circumstances, the company’s earnings report would have been considered as outlying a much more disappointing performance, but the potential negative impact on the share price was reduced by Apple’s promising performance in the digital services market.
Apple’s transformational change from hardware to software has to a certain extent bewildered investors, as the company is about to enter a highly competitive market sector for online services, that is already involving other powerhouse giants. Despite that uncertainty, the company’s shareholders would be pleased to hear that Apple’s services revenue reached a new all-time high of $11.5 billion, opening new future possibilities for Apple. Here is what the CEO Tim Cook said about the overall performance for Q2:
“Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record.” [source]
The stock declined from Monday’s closing price of 204.61 to finish yesterday’s trading session at the fundamentally significant level of 200.67. The drop of almost 4 dollars was contained within the boundaries of the bullish channel outlined in the previous weekly expectations article, which gives bulls hope for the possibility of a quick rebound and correction of the price drop
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