Apple Stock Hits Record High Ahead of Q2 Earnings Report

Apple’s stock price has reached a record high, on the eve of its Q2 earnings report, slated to be released tomorrow after U.S. markets close. The company’s stock price reached $146.82 USD per share (as of writing), an all-time high for the company, up about 2.21 per cent for the day, gaining $3.17 per share.

Apple’s 2017 Q1 saw 78.3 million iPhones sold, plus a net profit of $17.8 billion. The company’s Q2 guidance mentioned revenue between $51.5 and $53.5 billion, along with a gross margin between 38 and 39 per cent.

Analysts are expecting Apple to report mild quarterly results leading up to this fall’s highly antiquated iPhone 8 launch. Drexel Hamilton analyst, Brian White, said in a report today, “Apple is currently in the seasonal doldrums for the iPhone as the March and June quarters have historically been the seasonally weakest quarters of the year,” adding “However, we believe investors will continue to support the stock ahead of the iPhone 8 cycle that is expected to begin this fall.”

Apple’s cash reserves are expected to surpass $250 billion when it announces its Q2 earnings report tomorrow. Apple updates investors on its capital return program with their Q2 earnings, so many are expecting increases in cash dividends and stock buybacks.

The company’s live conference call to discuss the second fiscal quarter is scheduled for Tuesday, May 2, 2017 at 2PM PT / 5PM ET.