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Apple Beats Expectations, Remains a Free Cash Flow Cow

publication date: Aug 2, 2024
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Image: Apple’s shares have done quite well since the beginning of 2022. 

We liked Apple’s calendar second quarter (fiscal third quarter) results, as the firm outpaced consensus expectations for both Products and Services revenue. Apple’s balance sheet remains pristine, and its strong free cash flow easily covers its dividend. The company continues to buy back stock, and while there were pockets of weakness in the quarterly report, including revenue in Greater China, we like the company’s positioning in artificial intelligence, as we await a strong upgrade cycle for its next-generation iPhone. Shares yield 0.5% at the time of this writing.


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