Apple Inc. recently announced an increase in its first-quarter earnings, which exceeded Wall Street's predictions. The company registered a net income of $33.92 billion, equivalent to $2.18 per share. This is a significant increase compared to the $30.00 billion or $1.88 per share reported in the same period last year.
Financial analysts had predicted Apple would earn an average of $2.10 per share, according to data gathered by Thomson Reuters. Notably, these forecasts typically disregard exceptional items.
Apple's revenue for the quarter also saw a 2.1% increase, rising to $119.58 billion from $117.15 billion the previous year.
Here's a summarized look at Apple's earnings in accordance with Generally Accepted Accounting Principles (GAAP):
First Quarter Earnings:
- $33.92 billion, a significant increase compared to $30.00 billion the previous year.
- Earnings Per Share (EPS) stood at $2.18, compared to $1.88 the previous year.
- Analysts had projected an EPS of $2.10.
- Revenue for the first quarter was $119.58 billion, a rise from last year's $117.15 billion.
