Apple Inc. AAPL put an old-school beat-down on Q1 2017 estimates from the Zacks consensus: $3.36 per share on sales of $78.4 billion easily topped the #3.22 per share and $76.93 billion expected. iPhone sales totaled 78.3 million in the quarter, ahead of the 77.3 million in the company's unit guidance. Gross margins came in-line with expectations at 38.5%.
Importantly, the company has finally ended its string of decreasing revenue and unit growth. Apple clearly benefited in the quarter from difficulties Samsung had with its Note 7 release, and Apple CEO Tim Cook announced that iPhone sales picked up more Android switchers than ever before. iPad sales were shy of projections where Mac sales came roughly in-line. For more information on Apple's earnings results, click here.
Electronic Arts EA posted a relatively confusing Q1 earnings report on the bottom line, as changes to the company's earnings accounting have made it difficult to make an apples-to-apples comparison. Revenues of $2.07 billion beat the Zacks consensus estimate of $2.06 billion. The after-market has been trying to sort these difficulties, first trading down 1% on the news, whereas the stock has now swung into positive territory in the late session.
The debut earnings report for Arconic ARNC since the split from Alcoa AA was positive, if unspectacular. Earnings of 12 cents per share on quarterly sales of$2.97 billion beat the Zacks consensus estimates of 11 cents and $2.92 billion in revenues. Margin expansion was evident in all of Arconic's sectors. Revenue guidance for full-year 2017 was in-line, while for Q1 guidance was a little light.
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