Tech giant, Apple Inc.(AAPL) reported a slight decline in earnings for their first quarter, beating analysts expectations.
The Cupertino, CA based company reported first quarter earnings of $13.1 billion, or $13.81 per share, compared to last years earnings of $13.87 billion, or $13.87 per share. Wall Street analysts estimated earnings of $13.44 per share.
AAPL reported revenue of $54.51 billion, up from $46.33 billion last year. Analysts expected to see revenue of $54.73 billion. Revenue came in lower than previously estimated due to iPhone sales coming in lower than analysts expectations.International sales were 61% of the company’s revenue for the quarter.
In the first quarter of 2012, the company saw a record number of iPhones being sold, but that number remained flat this year. Although the popular phone is still the best selling smart phone, emerging markets have been hurting Apple.
Additionally, sales on the company’s iPods have dropped significantly in the last two quarters.
Looking ahead, Apple expects to see second quarter revenue in the range of $41 billion to $43 billion. Analysts are estimating revenue at $45.63 billion. The company has not yet released second quarter earnings estimates.
Apple shares were down -$45.34, or -8.82% during premarket trading Thursday. The stock has increased 22% in the past year.
The Bottom Line
Shares of Apple (AAPL) have a 2.06% dividend yield, based on last night’s closing stock price of $514.01. The stock has technical support in the $447-$455 price area. If the shares can firm up, we see overhead resistance around the $500-$515 price levels.
Apple Inc.(AAPL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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