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Apple beats soft expectations driven by 8% services growth: Live updates

Apple, (Qnnflash) – Latest earnings report exceeded Wall Street expectations in both earnings per share and sales, driven by a robust growth of 8% in services sales on an annual basis. However, overall sales still saw a 1% decline year over year, with revenue from iPhone, Mac, and iPad lines all down compared to the previous year.

As a result of the mixed results, Apple’s shares dropped more than 2% in extended trading. Here’s a breakdown of how Apple performed compared to Refinitiv consensus estimates and on a year-over-year basis:

  • Earnings per share: $1.26 vs. $1.19 estimated
  • Revenue: $81.8 billion vs. $81.69 billion estimated, down 1%
  • iPhone revenue: $39.67 billion vs. $39.91 billion estimated, down 2%
  • Mac revenue: $6.84 billion vs. $6.62 billion estimated, down 7%
  • iPad revenue: $5.79 billion vs. $6.41 billion estimated, down 20%
  • Other Products revenue: $8.28 billion vs. $8.39 billion estimated, up 2%
  • Services revenue: $21.21 billion vs. $20.76 billion estimated, up 8%
  • Gross margin: 44.5% vs. 44.2% estimated

Apple did not provide official guidance for the upcoming quarter, a practice it has followed since 2020 due to the prevailing uncertainty. However, the company did share some data points regarding its outlook for the current quarter. CFO Luca Maestri mentioned that the company expects a decline in revenue during the September quarter, which further impacted the stock price.

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