Despite Apple Getting Back Near Its All Time Highs, My Research Continues To Show That Its Stock Is Still Oversold.
Apple (AAPL) on Tuesday reported quarterly revenue of $37.4 billion with a net income of $7.7 billion, or $1.28 per diluted share. Analysts had expected net income of $1.23 a share. Quarterly revenue was slightly below analysts' forecasted revenue of $37.98 billion for the quarter.
Apple reported that it sold 35.2 million iPhones, up from 31.2 million a year earlier. That topped the consensus analyst estimate of 35 million, but fell short of some of the more optimistic projections like that of Morgan Stanley analyst Katy Huberty who had estimated that 39 million iPhones would be sold during the quarter. What was troubling in the report for Apple was another dismal performance by the iPad where it only sold 13.2 million in the quarter, down from 16.3 million in the previous quarter and 14.6 million a year earlier.
Despite the huge run up that Apple's stock price has had, getting back near its all time highs, my company's research continues to show that its stock is still oversold.
With the new I-Phone 6 coming out soon it will be interesting to see if that product line continues to advance the company forward, as IPad sales clearly showed that Apple has a serious problem on its hands, with its IPad product line.
For those interested here is some historical data on Apple:
Income Statement Data 1977-2013
In closing here is a video that sums up Apple's quarterly report:
None.
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