Apple Reports Earnings Beat, iPhone Revenue Miss
Key Highlights:
* $24.00 EPS (vs. $23.50 consensus)
* $124.3B revenue (vs. $124.1B consensus)
* iPhone revenue: $69.1B (vs. $71B consensus)
* China revenue: $18.5B (vs. $21.5B consensus)
Analysis:
Apple surpassed analysts' estimates for earnings and overall revenue in its fiscal first quarter. However, iPhone revenue fell short of expectations, contributing to a decline in Greater China sales.
The Services business met Wall Street targets with $26.3B in revenue. Despite a 3% increase in the overall smartphone market, Apple's iPhone market share dipped slightly year-over-year in Q4.
Analysts express concerns about the potential impact of Apple's AI initiatives, despite the company's commitment to enhancing functionality throughout the year.
Upcoming product launches, including a new iPhone SE, iPads, and MacBook Airs, are anticipated according to industry sources. Apple's stock has gained 24% in the past year, lagging slightly behind Google's 27% rise.