Apple’s Revenue Tops Analyst Estimates But Still Falls
Apple released their latest earnings report today and while it does confirm the broad expectations of flagging sales preached by analysts through the week, it also shows that the company is fighting to hold onto every inch of the market.
The company’s fourth-quarter revenues are set to fall to between $45.5 and $47.5 billion from last year’s $51.5 billion, putting them ahead of analysts predictions. Just.
Their third-quarter revenue clocked in at $42.4 billion, trumping analysts predictions of $42.1 billion.
According to Apple CFO Luca Maestri, “We had a June quarter that was better than we had expected 90 days ago.”
He noted that the company was unable to capitalize on the higher-than-expected demand for the iPhone SE and that “There are some macro conditions that exist in China, both in mainland China and in Hong Kong” that affected their overall results.
The report reveals iPhone sales themselves are down 15% for the quarter to 40.4 million.
Meanwhile, iPads exceeded expectations at 9.95 million and Macs fell short at 4.25 million.
In addition, revenues from services like Apple Music rose 19% to 5.98 billion.
Reactions within the market to the report were mixed with Apple’s stock initially rising 5.3%, then slipping down a point.