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Weak iPhone sales pull down Apple shares
Oct 29, 2020
(Reuters) - Apple Inc's AAPL.O announcement Thursday that iPhone sales were weaker than expected sent shares down 4% even as the tech company's revenue and profit did better than Wall Street expected thanks to booming Mac and AirPods sales.
FILE PHOTO: A customer has his temperature taken while in line outside an Apple Store to pick up Apple's new 5G iPhone 12, as the coronavirus disease (COVID-19) outbreak continues in Brooklyn, New York, U.S. October 23, 2020. REUTERS/Brendan McDermid/File Photo
Investors expected lower revenue from the Cupertino, California company’s bestselling product after delays left loyal fans clasping wallets shut while waiting weeks longer than usual to upgrade. But the hold-back was even worse than analyst had expected, with iPhone sales dropping 20.7% to $26.4 billion.
Despite those delays, Apple has mostly beaten sales expectations this year and released a slew of new products and services that its customers have embraced while largely homebound during the pandemic.
That carried over into the company’s top and bottom lines. Apple said revenue and profits for the fiscal fourth quarter ended on Sept. 26 was $64.7 billion and 73 cents per share, compared with analyst estimates of $63.7 billion and 70 cents per share, according to IBES data from Refinitiv.
But the flagship iPhone 12’s announcement was delayed until Oct. 13, several weeks later than usual, meaning no opening-weekend iPhone sales are included in the fourth-quarter results.
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