In a filing with the U.S. Securities and Exchange Commission on Friday, Apple announced it officially appointed Luca Maestri as its new Senior Vice President and Chief Financial Officer on May 29. Maestri succeeds longtime finance chief Peter Oppenheimer.
During Apple's quarterly earnings conference call, chief executive Tim Cook said he looked forward to welcoming Angela Ahrendts as the company's new retail and online leader next week, while offering public thanks to outgoing chief financial officer Peter Oppenheimer.
Apple surprised the market on Wednesday by not only beating expectations for its second fiscal quarter of 2014, but also announcing a 7-for-1 stock split, increased share buybacks, and a a higher quarterly dividend. Following the announcements, executives from the company participated in a conference call with analysts and the media, and notes of interest follow.
The announcement that Apple Chief Financial Officer Peter Oppenheimer will retire later this year, making way for Luca Maestri to take over the position, was not surprising to investors on Wall Street, who generally responded with confidence on Tuesday.
Peter Oppenheimer, senior vice president and chief financial officer of Apple, will retire from the company at the end of September, after spending 18 years with the Mac maker, it was announced on Tuesday.
Apple again beat Wall Street expectations when it posted its fourth-quarter results on Monday, thanks to sales of 33.8 million iPhones during the September frame. Following the company's earnings release, Apple executives took part in a conference call to discuss the quarter, and notes of interest follow.
While he initially described dinner with Tim Cook as "cordial," Icahn later revealed in an interview that his talks with Apple's CEO about the use of the company's cash reserves were "a little testy" at times.
With continued iPhone growth and a particularly strong performance from its iTunes and services businesses, Apple posted a slight increase in revenues in the June quarter, though lower margins led to a 20 percent slide in profit. Following the company's earnings release, Apple executives took part in a conference call to discuss the quarter, and notes of interest follow.
A number of analysts reduced their price targets for Apple on Wednesday, though one who just met with the company's executives said those officials are "very optimistic" about the product pipeline and market position.
Morgan Stanley analyst Katy Huberty recently met with Apple Chief Financial Officer Peter Oppenheimer, and came away with the impression that Apple will likely increase cash return to shareholders, and potentially release a lower priced iPhone to maintain growth.
Apple on Wednesday reported record sales of its iPhone and iPad lineups, along with record revenue, but sagging Mac sales and unmet Wall Street expectations dinged the company. Following its earnings report, the company held a conference call with investors and members of the media, and notes of interest follow.
Apple this Wednesday is expected to report record iPhone and iPad sales from the 2012 holiday season. But as investors are uncertain about the company's future, all eyes will be on CEO Tim Cook to ease those concerns.