Topic: Growth Stocks

Wall Street Stock Forecaster Hotline – Thursday, April 29, 2016

Article Excerpt

APPLE INC., $93.74, Nasdaq symbol AAPL, gets about two-thirds of its revenue from its iPhone smartphone. The remaining third comes from sales of its Mac computers, iPad tablets, iPod music players and Apple watches as well as the software, movies and music sold through its iTunes online store. The company sold 51.2 million iPhones in its fiscal 2016 second quarter, which ended March 26, 2016. That’s down 16.3% from 61.2 million a year earlier. However, the year-earlier quarter benefited from strong demand for the recently released iPhone 6 model. iPhone sales will likely remain weak until Apple launches the iPhone 7 later this year. Sales of Mac computers and iPads also fell during the quarter. As a result, Apple’s overall sales declined 12.8%, to $50.6 billion from $58.0 billion a year earlier. That missed the consensus forecast of $51.9 billion. Earnings fell 22.5%, to $10.5 billion from $13.6 billion. Due to fewer shares outstanding, per-share earnings declined 18.5%, to $1.90 from $2.33. It…