Wedbush analyst Daniel Ives raises Apple (NASDAQ:AAPL) price target to $515 due to increase iPhone 12 optimism. Apple reported $26.4B in iPhone revenue, above the $22.2B consensus. Apple will split its stock four-to-one when trading opens on Aug. 31, 2020.
“The Company posted quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 percent. International sales accounted for 60 percent of the quarter’s revenue.” “Our June quarter performance was strong evidence of Apple’s ability to innovate and execute during challenging times,” said Luca Maestri, Apple’s CFO. “The record business results drove our active installed base of devices to an all-time high in all of our geographic segments and all major product categories. We grew EPS by 18 percent and generated operating cash flow of $16.3 billion during the quarter, a June quarter record for both metrics.” Source Apple Investor Relations
Apple’s Board of Directors have declared a cash dividend of $0.82 per share of the Company’s common stock. The dividend is payable on August 13, 2020 to shareholders of record as of the close of business on August 10, 2020.
In other news- 27-inch iMac gets a major update. Apple today announced a major update to its 27-inch iMac. By far the most powerful and capable iMac ever, it features faster Intel processors up to 10 cores, double the memory capacity, next-generation AMD graphics, superfast SSDs across the line with four times the storage capacity, a new nano-texture glass option for an even more stunning Retina 5K display, a 1080p FaceTime HD camera, higher fidelity speakers, and studio-quality mics. Source: Apple News
Greg Joswiak joins Apple executive team as senior vice president of Worldwide Marketing. In this role, which reports to Apple CEO Tim Cook, Schiller will continue to lead the App Store and Apple Events. Greg (Joz) Joswiak, a longtime leader within the Product Marketing organization, will join the executive team as senior vice president of Worldwide Marketing.
“Phil has helped make Apple the company it is today, and his contributions are broad, vast, and run deep. In this new role he will continue to provide the incredible thought partnership, and guidance that have defined his decades at Apple,” said Tim Cook, Apple’s CEO. “Joz’s many years of leadership in the Product Marketing organization make him perfectly suited to this new role and will ensure a seamless transition at a moment when the team is engaged in such important and exciting work. I’m thrilled that the whole executive team will benefit from his collaboration, ideas, and energy.” Source Apple Investor Relations
NASDAQ: AAPL CWEB Analysts view the stock as a long term growth and a great addition to your investment portfolio with an upward momentum of $900 by 2021