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Boosted by the accelerated growth of earnings for the quarter ending in September Apple Inc. (NASDAQ:AAPL) is confident of hitting the $70 billion mark in December. Earnings per share for Apple (NASDAQ:AAPL) stood at $1.42; a 20% rise for the year and revenue stood at $42.1 billion which were both higher than projected. Considering the strong demand for the newly released iPhone 6, Apple (NASDAQ:AAPL) expects a strong performance in terms of revenue for this quarter.
One motivation to anticipate that Apple will beat its income projection is its history of over-achieving. Up until a few years back, Apple frequently beat its targets by a wide edge because of its practice of offering amazingly conservative progressive direction to its employees. In the most compelling case, Apple anticipated an EPS of $9.30 for the last full quarter of 2011, yet when the results came out Apple (NASDAQ:AAPL) had an EPS of $13.87.
Last quarter, Apple (NASDAQ:AAPL) grew its revenue by $4.65 billion as compared to the same time the previous year. 90% of this increase was attributable to the product line of iPhone which remains Apple’s (NASDAQ:AAPL) most popular gadget to date. Although there were changes in the buying capacity of Apple’s products, the effect on the final results remained minimal. Considering that these products continue to generate the same revenue as before, Apple (NASDAQ:AAPL) will need to boost its iPhone revenue from $33 to $45 billion to finally hit the $70 billion mark.
This level of growth is quite impressive and achievable and the popularity of iPhone 6 appears to be double than that of iPhone 5s after five weeks in the market for sale. Despite shortages in supply, it is still more popular than iPhone 5s. The unprecedented popularity of iPhone 6 can be seen by the fact that record number of orders have been placed by retailers such as Verizon from Apple (NASDAQ:AAPL). This shows how strong the performance of iPhone 6 has been compared to other smartphones and Apple (NASDAQ:AAPL) products.
Tim Cook, Apple (NASDAQ:AAPL) CEO confirmed the strong demand for iPhone 6 but refused to forecast a demand number for iPhone6 in the coming months. He claimed that there are quite many uncertainties as all the iPhones they have been producing are being sold right as they are being produced. Hence even if it increases its production rate, it cannot project how many more iPhones it will need to continue producing or whether it can produce enough iPhones to meet the demand present in the market.
Strong gains by the US dollar are certainly affecting Apple (NASDAQ:AAPL) revenue adversely, however the iPhone 6 demand is offsetting that effect which means that Apple’s investors will come out as beneficiaries for sure.