Apple beats soft expectations driven by 8% services growth.
Apple reported fiscal third-quarter results that beat Wall Street expectations for both earnings and sales, driven by stronger services sales that grew 8% on an annual basis.
Overall sales still fell 1% year over year, however, and revenue in the company’s iPhone, Mac, and iPad lines were all down from a year earlier. Apple shares fell more than 2% in extended trading.
Apple said sales for the fiscal third quarter ended July 1 fell 1.4 percent to $81.8 billion (roughly Rs. 6,77,034 crore) and earnings per share rose 5 percent to $1.26 (roughly Rs. 104). That topped analyst expectations of $81.69 billion (roughly Rs. 6,72,568 crore) and $1.19 (roughly Rs. 98) per share, according to IBES data from Refinitiv. Weaker iPhone sales were balanced by strong sales in the services segment that contains Apple TV+ and by sales in China that grew 8 percent year over year.
Apple Chief Financial Officer Luca Maestri said the company expects a year-over-year revenue performance in the company’s fiscal fourth quarter ending in September similar to the drop the company reported on Thursday. That sales forecast is below analyst expectations of roughly flat fiscal fourth-quarter sales of $90.19 billion (roughly Rs. 7,46,412 crore), according to Refinitiv data.
“There is a real concern about when volume picks up and what the horizon is for iPhone sales growth,” said Daniel Newman, chief executive and principal analyst at research firm Futurum Group.
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