Apple (NASDAQ: AAPL) stock price remains steady after announcing stronger than expected growth in all big segments. The shares are currently trading an all-time high with a market value exceeding $1.1 trillion. AAPL share price soared more than 30% since the beginning of this year.
The bounce-back of iPhone revenue along with significant subscription growth helped in enhancing investor’s sentiments. Moreover, its financial and operational outlook indicates a sustainable growth in the coming months.
Record Q4 Performance Strengthened Sentiments
The company has generated record financial numbers in the final quarter of fiscal 2019. Its revenue of $64 billion has beaten analyst’s estimates by $1.18 billion. The revenue growth is driven by better than the anticipated performance from iPhone, services, and Wearables, Home and Accessories segments.
Its iPhone revenue of $33.4 billion topped the consensus for $32 billion, thanks to strong iPhone 11 sales. iPad revenue of $4.6 billion jumped 17% year over year in Q4.
The services revenue of $12 .5 billion hit an all-time high; the services revenue increased $2 billion from the year-ago period.
Moreover, wearable revenue grew more than 50% year over year in the fourth quarter of fiscal 2019. Overall, the company’s financial growth is attributed to a non-iPhone revenue, which jumped 17% from the past year period.
“We concluded a groundbreaking fiscal 2019 with our highest Q4 revenue ever, fueled by accelerating growth from Services, Wearables, and iPad,” said Tim Cook, Apple’s CEO.
Strong Outlook Supports Apple Stock Price Upside
The company expects to extend the momentum in the coming quarters. The management claims that the new generation of iPhones, AirPods Pro along with Apple TV+ and best lineup of products and services would help in generation big growth in the following quarters.
It expects first-quarter revenue in the range of $89 billion. This represents significant growth from the previous quarter revenue of $64 billion. The company is likely to return more than $20 billion to investors in the form of buybacks and dividends. Overall, the Apple stock price has limited downside potential.