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Despite Record iPhone Quarter, Apple’s Cautious Outlook Lead To Fall In Stock
Last Updated on: September 20th, 2024
In extended trading on Thursday, Apple’s stock fell as much as 3% even after the company reported its earnings that beat Wall Street estimates. This is due to the fact that the company offered a cautious outlook for the current quarter.
As per reports from Yahoo Finance,
“In its fiscal fourth quarter, Apple reported earnings per share of $1.46 on revenue that reached $89.5 billion. Wall Street had expected earnings per share to come in at $1.39 with revenue reaching $89.3 billion, according to estimates from Bloomberg. This marked the fourth-straight quarter revenue fell from the year ago period.”
In the fourth quarter, Apple stated that iPhone sales increased to $43.8 billion. This number beats Wall Street expectations and marked a new record for iPhone sales in Apple’s fiscal fourth quarter. Apart from that. Apple’s services revenue surpassed $22 billion for the first time.
Last year, in the fourth quarter, Apple’s revenue fell for Mac, iPad, and Wearables. As Apple completes its fiscal year, it reported total revenue of #383.3 billion, which is down from $394.3 billion in the last year.
Luca Maestri, the CFO of Apple, said on a call with analysts that Apple’s revenue in the current quarter will be similar to last year. He also added that the company is expecting that revenues for Max, iPad, and Wearables will slow down significantly in the last quarter of this year.
As per Wall Street estimates, Apple’s revenue in the current quarter will be $122.8 billion. In the month of December last year, Apple’s revenue was $117.2 billion. However, in the iPhone segment, Apple is expecting its revenue to grow from last year.
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