Tom Noyes wrote on his “Noyes Payments Blog” that “it would seem Apple is entering the POS game” as it is rumored that the iPhone maker has purchased Mobeewave. The blog states: “This is just a rumor.. but when you hear it often I give it a tad more credence…If that is the case Mobeewave is an amazing company with a solution that makes any phone a POS with just an App. Rather than getting an issuers permission to add a card to your wallet, it would require a merchant bank to create an account to allow for acceptance (I’m sure all acquirers will be calling Apple today).” Source: https://blog.starpointllp.com/?p=4878
Canaccord analyst T. Michael Walkley raised the firm’s price target on Apple to $460 from $444 and reiterates a Buy rating on the shares. The analyst views last night’s fiscal Q3 results as “impressive.” Apple is demonstrating during the pandemic the strength of its products and ecosystem with a return to year-over-year growth for iPhones and double-digit growth for Macs and iPads, Walkley tells investors in a research note. Apple shares are “compelling” for long-term investors with the 5G upgrade cycle a potential benefit during 2021, other hardware categories growing double digits and continued business mix shift towards high-margin services, adds the analyst.
RBC Capital analyst Robert Muller raised the firm’s price target on Apple to $445 from $390 and keeps an Outperform rating on the shares after its Q3 results, saying the quarter was “good” to iPhone SE performance, as demand continued to top expectations and help drive an all-time high install base.
The stock offers a favorable set-up heading into Q4 before a “significant” iPhone generation upgrade cycle, the analyst tells investors in a research note, citing his increased confidence in Apple’s ability to drive recurring cash flows from its “loyal customer base.”
JPMorgan analyst Samik Chatterjee raised the firm’s price target on Apple to $460 from $425 and keeps an Overweight rating on the shares. Apple last night “surprised even bullish expectations” by “hardly missing a beat,” even as several disruptions impacted its ability to operate retail stores successfully during the quarter, Chatterjee tells investors in a research note. The analyst moved up his estimates “materially,” most notably for iPhone sales.
DA Davidson analyst Tom Forte raised the firm’s price target on Apple to $480 from $355 and keeps a Buy rating on the shares. The company’s Q3 results were “strong” amid “robust demand” across its portfolio, the analyst tells investors in a research note. Forte adds that Apple saw “record” installs across its major product categories, even though the management anticipates the delay of a few weeks in the company’s new product launches this fall.
On June 30, 2020, Apple announced financial results for its fiscal 2020 third quarter ended June 27, 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.
Apple reported Q3 EPS of $2.58 versus the consensus estimate of $2.04. The company reported Q3 revenue of $59.7B versus the consensus estimate of $52.25B.
“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” said Tim Cook, Apple’s CEO. “In uncertain times, this performance is a testament to the important role our products play in our customers’ lives and to Apple’s relentless innovation. This is a challenging moment for our communities, and, from Apple’s new $100 million Racial Equity and Justice Initiative to a new commitment to be carbon neutral by 2030, we’re living the principle that what we make and do should create opportunity and leave the world better than we found it.”
“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.”
Apple’s Board of Directors has 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.
CNBC’s Jim Cramer raves about Apple’s quarterly earnings results and how he thinks the company has managed to become so successful.
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