Apple (AAPL) is the latest Magnificent 7 juggernaut that posted quarterly results. AAPL stock will gain over 3% in Friday morning trading.
In the quarter, Apple earned $2.01 in EPS on revenue of $111.18 billion. Moreover, the firm announced another $100 billion for its stock buyback. It also increased its cash dividend to $0.27, up by 4%.
Apple iPhones led the strong results after sales rose by 22%. Despite soaring memory prices adding to its costs, the iPhone 17 was the most popular lineup in the company’s history. When CEO Cook steps down, John Ternus will need to steer the company through high component costs.
In the gaming sector, Roblox (RBLX) plunged by 24.4% in pre-market trade. The company is implementing an age verification system. In Q1, the company lost $0.35 a share as revenue grew by 39% Y/Y to $1.4 billion. Backlog grew by 43%, to $1.7 billion.
Online community site Reddit (RDDT) will jump by around 13%. In Q1, revenue grew by 69.1% Y/Y to $663.41 million. GAAP EPS was $1.01, above consensus estimates.
Reddit’s cash flow soared to $311 million, up from $127 million. The average revenue per user increased by 44% to $5.23. This still trails that of Instagram, suggesting that Reddit has plenty of room to grow its ARPU. The site has highly targetable discussion groups that would appeal to advertisers.
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