Apple Inc. (NASDAQ:AAPL) had a good run at the stock market last week, which was largely dominated by the unveiling of its third quarter earnings last Monday that were excellent (except the iPad sales). A few major announcements were also made by the company including the one from Tim Cook who said that Apple over the period of next two years will open 25 new retail stores in China. This step is yet another effort by the company to establish a strong foothold in the region.
It was a really good week for Apple iTunes; Apple announced that its music store feel short by 13 to 14 percent from its expected revenue. The decline has started from the start of this year; however the revenue is still comparatively better from last year. Apple iTunes owes this loss largely to dwindling download numbers.
Apple’s third quarter earnings were riding high on iPhone 6 sales; the revenue was easily ahead of last year’s third quarter by almost 12 percent. Net income went up by 13 percent. The only vulnerable point was the low sales of iPad.
Apple Pay made its debut in the U.S and though it’s premature to say anything as of yet, it is expected that Apple Pay will be successful in providing its users protection against hacking, frauds and the use of hard cash or credit cards.
Apple started its week at the stock market on 20th October, Monday by trading at 98.32 and by midday rose up to 99.96. Later on Apple slipped back a couple of points to 98.22 and by the closing of the day it was poised at 99.76.
Apple started trading on Tuesday at 103.02 and remained there for the first quarter of the day; later on the stock value dropped down to 101.27. Apple concluded the day at 102.47.
Apple’s third day at the stock market, Wednesday, started at 102.84 – better than its previous day’s closing. Later on Apple rose up to 104.11. Couple of hours later it went down again to 102.60. Apple ended Wednesday’s trading session at 102.99.
Fourth day of the week, Thursday, Apple started trading at 104.08 and rose up to 105.05 by midday. It dropped to 103.63 later on in the day, and concluded the trading session at 104.83.
Last day at the stock market for the week, Friday, started with Apple trading at 105.18; the stock reached a value of 105.49 couple of hours later. It suffered a slight drop to 104.53, but concluded the week on a high note at 105.22.
Overall, it was a great week for Apple Inc. at the stock market; the company gained over 5 percent throughout the week. The third quarter earnings also did the stock a lot of favor and brought good news for its investors. For now Apple only has iPad sales to worry about, which have not been going as well as the company would have liked. It will be interesting to see how the latest iPad release influences the next quarter’s revenue reports of the tech giant.
