Apple Q3 results tops estimates as services growth offsets softer iPhone sales
Trending Articles- Silver Price Forecast: Trump Signals Rapid Progress in US-Iran Negotiations, Bulls Target $90
- Gold declines below $4,500 as Iran tensions stoke inflation fears and bolster Fed hike bets
- Fed’s Powell says credibility lost if President can fire officials
- $1.5 Billion in Crypto Assets Liquidated, Bitcoin Falls Below $66,000 Mark. What Is the Reason?
- Bitcoin Suffers Year’s Strongest Waterfall-Style Decline. Will It Next Drop to the $60,000 Mark?
- WTI rises to near $93.00 as Iran launches missiles toward Kuwait, Bahrain
Investing.com - Apple reported Thursday third-quarter results that topped Wall Street estimates, as a jump in services revenue helped offset softer iPhone revenue amid rising competition in China.
Apple Inc (NASDAQ:AAPL) was flat in afterhours trading following the report.
The company reported Q3 earnings of $1.40 per share on revenue of $85.8 billion. Analysts polled by Investing.com had anticipated EPS of $1.35 on revenue of $84.45B.
Revenue rose 5% as services revenue helped offset slight decline in iPhone revenue.
Sales of its flagship iPhone handset device, which still makes up nearly half of total revenue, fell to $39.30B from $39.67B a year earlier, but beat estimates of $38.81B.
Services revenue rose 14% to record high of $24.21B, beating Wall Street estimates of $24.01B.
Sales in China fell 6.5% to $14.72B as the iPhone has been facing rising competition in the region from local smartphone makers including Huawei.
The earnings call will dominate investor attention, with investors keen for details on guidance and Apple Intelligence.
"Overall numbers are ahead of expectations focus will be on GUIDE and Apple Intelligence commentary on the call but better China and stronger GMs are both better vs. buyside expectations," Evercore ISI said in a note following the results.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
