Q1 2017 earnings: Top Q1 analyst pay raise, but earnings don’t seem to match report
Q1 was the year of the quarter, with a few notable exceptions.
For starters, Apple’s quarterly earnings are down by more than 3%.
The company reported earnings per share of $0.24 and revenue of $15.47 billion.
However, it also reported a drop in quarterly profit, which was down to $1.7 billion, from $2.4 billion.
Apple’s stock price fell more than 30% in the quarter.
The biggest story of the year was Google’s $16.6 billion acquisition of Motorola Mobility, which Google is using to push its Android mobile OS to a wider audience.
Google’s earnings fell from $15 billion to $9 billion.
The stock price also fell $5.9 billion to around $53 per share.
Apple also reported that revenue from the mobile phone business was up 7% to $16 billion, which is up from $10 billion a year earlier.
Google reported revenue of more than $20 billion a month in Q1 2016, but it is down $1 billion from the same period in 2017.
Meanwhile, the internet company was the biggest beneficiary of the iPhone 7 and the iPhone X, which came in as the biggest selling smartphone in the US and Europe.
Sales of iPhones rose 15% to 2.6 million units in the fourth quarter, up from 1.4 million in the first quarter.
Apple is expected to report earnings for the full quarter on March 20.