iPad sales were the hero of Apple’s latest earnings report

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iPad Air 10.5
The new iPad Pro is officially a hit!
Photo: Apple

Apple surprised Wall Street with a better-than-expected Q2 earnings report this afternoon and one of the biggest factors was the iPad.

With revenues topping $58 billion Q2 (down 5% YoY), Apple is trying to become less reliant on its iPhone business. Services are expected to pick up most of the slack, but this last quarter Apple got some unexpected help from its iPad business that is experiencing a resurgence just at the right time thanks to the new iPad Pro.

Apple breezes past Wall Street forecasts with $58 billion in revenue

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quotes on Apple
It's "Get a bag Tuesday" and Tim Cook is cashing in.
Photo: Cult of Mac

Apple revealed its Q2 2019 earnings report and despite some pessimism from analysts, the company managed to beat Wall Street’s expectations.

Revenue for the quarter came in at $58 billion, slightly above Apple’s own guidance to investors. Most of Wall Street analysts were predicting the company would only bring in between $54 billion to $57 billion for the quarter. Better yet, the company’s guidance for next quarter is stronger than expected, signifying that the doom-and-gloom may have been severely overstated.

Brace yourself for Apple’s next ugly earnings call

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Apple earnings
Apple's Q2 earnings are expected to be a bit of a downer.
Photo: Ste Smith/Cult of Mac

Wall Street is anxiously awaiting Apple’s earnings report for the second quarter of 2019 that will be delivered on Tuesday, April 30. Apple’s stock value has risen about 30% this year even though iPhone sales are slowing.

Most analysts predict that nearly all of Apple’s numbers will be down compared to the same quarter last year, but there are few bright spots that could cause the company’s stock price to surge. After looking at the analysts’ numbers, we’ve found a couple of key areas to watch for.

Why this week’s Apple earnings report is the most important in years

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Earnings call
Tim Cook and Luca Maestri will reveal Apple's Q1 earnings on February 1.
Photo: Jim Merithew/Cult of Mac

When Apple unveils its earnings report for last year’s crucial holiday quarter, the entire world will be watching for signs of the company’s long-rumored impending doom.

Several factors will make Tuesday’s Q1 2019 earnings call Apple’s most important in years. Depending on how it goes, it could have an enormous impact on the company’s stock’s performance in 2019 and beyond.

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money
Apple is unimaginably profitable.
Photo: Ste Smith/Cult of Mac

Apple closes in on $1 trillion market cap

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Big pile of cash underneath an Apple logo.
Warren Buffet wants to buy 100% of Apple.
Photo: Ste Smith/Cult of Mac

The race to become the world’s first $1 trillion company is nearly complete with Apple share prices soaring on the stock market today.

Trading of AAPL stock hit 187.60 per share during the morning trading hours today, putting the company just $55 billion under the coveted $1 trillion market cap mark.

Spotify is finally going public

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Spotify
The Spotify IPO is finally here.
Photo: Jim Merithew/Cult of Mac

Apple Music’s biggest competition is about to get an influx of Wall Street cash.

Spotify finally filed documents for an initial public offering, after rumors of going public had been floating around for years. According to reports, the company could be worth as much as much as $23 billion, but it’s still not profitable.

Another Wall Street analyst expresses doubts about Apple in 2018

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apple money
Some investors are concerned about iPhone numbers.
Photo: Ste Smith/Cult of Mac

Another Wall Street analyst has downgraded Apple shares, based on fears that iPhone demand is getting weaker. Atlantic Equities has lowered its rating on Apple from “overweight” to “neutral” on account of their predictions that Apple will be reporting disappointing sales for the March quarter.

“[We see] signs that iPhone demand is starting to soften, limited visibility into the potential for future iPhone cycles and emerging challenges to the smartphone’s dominance at the centre of consumer technology,” the firm wrote in a note to clients.

Apple beats expectations in historic Q4 earnings

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Apple earnings
Apple crushed its Q4 earnings.
Photo: Ste Smith/Cult of Mac

The last Apple earnings report of 2017 is finally here and the results are even better than Wall Street anticipated.

Aided by strong iPhone sales thanks to the launch of the iPhone 8 and iPhone 8 Plus, Apple was able to bring in slightly higher than expected revenues and the company is expecting big things next quarter too.

Apple reveals its Q3 2017 earnings [Live blog]

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money
Apple is unimaginably profitable.
Photo: Ste Smith/Cult of Mac

Apple CEO Tim Cook and CFO Luca Maestri are set to reveal all the details of Apple’s latest earnings in a call with investors today could have a huge impact on the company’s stock price.

The Q3 2017 earnings report isn’t expected to be a record-breaker, but Wall Street analysts will be hanging on to every word that comes out of Cook’s mouth as the next iPhone launch approaches. Most experts agree Apple will meet earnings expectations of $43.5 billion in revenue — the only question is by how much.

Cult of Mac will be right here live-blogging the entire call once it starts at 2 p.m. Pacific. Come join the fun.