LIVE: Here come Apple’s earnings

  • Apple reported fiscal second-quarter results Tuesday that beat Wall Street’s forecasts.
  • Although its sales and earnings were below those it posted in its second quarter last year, they were better than analysts were expecting.
  • The company’s shares were up 6% in after-hours trading following its report.
  • Watch Apple trade live.

Investors cheered Tuesday after Apple’s latest quarterly results surpassed the low bar Wall Street had set.

The tech giant’s fiscal second-quarter revenue – including that from its all-important iPhone line – fell from the same period a year earlier, as did its earnings. But the results topped analysts’ muted expectations. The company also forecast that its third-quarter sales would be higher than Wall Street was predicting.

The company’s better-than-expected report immediately resulted in a booming stock price. In recent after hours trading, Apple’s stock was up $9.09 – or 5% – to $209.76. Earlier in the session, the company’s shares were up as much as 6%.

Here’s what Apple reported, and how its results compared with Wall Street’s expectations and its year-prior numbers:

  • Fiscal second-quarter revenue:$58 billion. Analysts had projected $57.5 billion. In the same period last year, Apple posted revenue of $61.1 billion.
  • Q2 iPhone sales:$31.1 billion. Wall Street was looking for $30.5 billion. The company recorded $38 billion in iPhone sales in 2018’s second quarter.
  • Q2 services sales:$11.5 billion. Analysts had forecast $11.2 billion. Apple’s services business brought in $9.2 billion in revenue in the same period a year ago.
  • Q2 earnings per share (EPS):$2.46. Wall Street was looking for $2.37. The iPhone maker earned $2.73 a share in its second quarter last year.
  • Fiscal third-quarter revenue:$52.5 billion to $54.5 billion. Wall Street had previously predicted $52.2 billion in sales. Apple saw sales of $53.3 billion in the same period of 2018.
  • Q3 EPS:The company didn’t offer specific earnings guidance, but its outlook for the period implies that it expects to post earnings ranging from $1.93 to $2.18 a share. Analysts had previously forecast $2.08 a share. The company posted a per-share profit of $2.34 in last year’s third quarter.

Wall Street reset its projections for the company this year after it warnedin January that it saw worse-than-expected iPhone sales over the holidays, and expected continued strugglesin coming months. The warning followed numerous reports and indicationsthat its latest models weren’t catching on with consumers to the same extent that previous models had. With Apple unlikely to refresh its lineup until this fall, analysts are projecting its sales won’t rebound anytime soon.

Even if analysts and investors had largely written off this overall report already, they were expected to be scrutinizing the results of Apple’s services business. As its iPhone sales have slowed, the company has increasingly been touting the growth of that segment, which includes everything from its Apple Music subscription service to its iCloud storage business to the money it gets from Google for promoting Google’s search engine. Last month, Apple unveilednew subscription-based services for news, games, and videos, although only the news service has launched so far.

Read this:Why Apple’s coming streaming-video service won’t rescue it from plunging iPhone sales

Apple’s stock closed regular trading Tuesday off $3.94 a share, or 2%, to $200.67.

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