APRIL 01, 2020 09:10:24AAPL shares have soared over $2.50 to close at $10 a share after a key earnings date on Friday.
The stock was on track for a record high after the data company announced earnings that showed it had beaten analysts’ forecasts.AAPN chief executive officer Paul Kelly said in a statement on Friday that the company’s performance had been driven by “aggressive investment in the business, the latest version of our mobile app, and continued expansion of our data platform”.
The stock rose by $0.60, or 1.2 per cent, to $9.10 on the New York Stock Exchange.
The company said it was forecasting earnings of $10 per share for the full-year.
In a conference call with analysts on Friday, AAPN’s chief financial officer said the company had made $2bn in acquisitions, a record for a single quarter.
The company said its revenue was up $1.4 billion year-on-year and the net income rose $7.4 million to $3.6 billion.
The earnings announcement followed another strong week for the stock, which has risen by more than 80 per cent since mid-July.
It was also boosted by strong demand for mobile data in China, where the AAPC has made an aggressive push for the service.
A recent report by Gartner estimated that the AAT will hit $1 trillion by 2020.
Analysts had expected earnings of about $9 per share, but analysts were sceptical about the earnings.
Analytic firm FactSet had expected the company to beat analysts’ estimates for the year.
The AAP is expected to report earnings of around $2 per share this quarter, down from $4.50 per share a year ago.