![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Friday, February 02, 2024 4:53:20 PM
February 02 2024 - 08:47AM
IH Market News
The technology behemoth Apple (NASDAQ:AAPL) unveiled its quarterly outcomes following the market closure on Thursday, surpassing revenue and earnings expectations for the first quarter, yet facing a significant downturn in sales within China, one of the firm’s crucial markets. Apple’s shares are witnessing a 3% decrease in Friday morning’s trading activities.
* Earnings per share (EPS): $2.18 vs. estimated $2.10
* Revenue: $119.58 billion vs. estimated $117.91 billion
* iPhone revenue: $69.70 billion vs. estimated $67.82 billion
* Mac revenue: $7.78 billion vs. estimated $7.73 billion
* iPad revenue: $7.02 billion vs. estimated $7.33 billion
* Revenue from other products: $11.95 billion vs. estimated $11.56 billion
* Services revenue: $23.12 billion vs. estimated $23.35 billion
* Gross margin: 45.9% vs. estimated 45.3%
Although Apple exceeded expectations in most aspects, a 13% decline in sales in China was a point of concern. This market faced increasing competition from local companies, such as Huawei, and the decline was partly attributed to the strength of the dollar against the RMB (Chinese yuan).
Tim Cook, Apple’s CEO, highlighted that this December quarter had one less week compared to the previous fiscal year’s first quarter due to Apple’s corporate calendar. He also pointed to the steady growth of the company’s services business, which saw an 11% increase during the quarter, reaching $23.11 billion in revenue. Apple reported having 2.2 billion active devices in use, marking an increase from the previous year, which is seen as a positive indicator for the continued growth of the company’s services.
iPhone sales, boosted by the launch of the iPhone 15, grew nearly 6% to $69.70 billion but slightly fell short of revised expectations. Mac sales saw a less than 1% increase, recovering from a tough previous quarter. However, iPad sales continued their decline, dropping 25% during the quarter due to the absence of a new model launched in 2023.
Apple’s wearables business, which includes popular items like AirPods and Apple Watch, also faced challenges, recording an 11% year-on-year sales decline, amounting to $11.95 billion in revenue. This decline was attributed to a patent dispute with the medical device company Masimo, which led to a temporary removal of Apple Watches from Apple stores in December.
Overall, Apple remains a significant force in the technology market, reporting a net profit of $33.92 billion for the quarter, a 13% increase from the same period last year. The company also announced that it spent nearly $27 billion on dividends and share buybacks during the quarter. While facing challenges in certain markets, Apple maintains its solid stance and is gearing up to continue innovating and expanding its services in the upcoming quarters.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93196206/apple-beats-q1-revenue-and-earnings-estimates-amid
Recent AAPL News
- Alphabet Unveils AlphaProof and AlphaGeometry 2; OpenAI Tests SearchGPT; Apple Loses Market Share in China • IH Market News • 07/26/2024 10:07:41 AM
- Meta Unveils Llama 3 AI Model, Elon Musk’s X Poll Backs Tesla’s $5B xAI Investment, and More • IH Market News • 07/24/2024 09:53:32 AM
- Johnson Controls Division Sold for $8 Billion; Alphabet’s Offer Rejected by Wiz; AMD President Announces Retirement • IH Market News • 07/23/2024 10:00:52 AM
- Microsoft Shares Drop 2% and CrowdStrike Plunges 21% Pre-Market Following Major Global Outage • IH Market News • 07/19/2024 10:01:22 AM
- Darden Acquires Chuy’s for $605M, BYND Drops 14% Amid Debt Restructuring, Petco Appoints Ex-Five Below CEO • IH Market News • 07/18/2024 09:59:44 AM
- Apple scores record 72 Emmy Award nominations & sweeps across top categories including Outstanding Limited series for “Lessons in Chemistry,” Outstanding Drama for “The Morning Show” & “Slow Horses” & Outstanding Comedy for “Palm Royale” • Business Wire • 07/17/2024 10:05:00 PM
- Match Group Soars 8% Amid Potential Sale Pressure; Deutsche Bank Anticipates 2Q Loss, and More • IH Market News • 07/16/2024 10:10:09 AM
- Alphabet Nears $23 Billion Wiz Acquisition, Trump Media Stock Soars 63% Pre-Market, and More • IH Market News • 07/15/2024 10:34:36 AM
- Ericsson Reports 14% Profit Increase, UBS Downgrades Tesla Shares, Ozempic Linked to Reduced Dementia Risk • IH Market News • 07/12/2024 10:28:11 AM
- Tamer-Than-Expected Inflation Data May Lead To Extended Rally On Wall Street • IH Market News • 07/11/2024 01:09:48 PM
- Costco Hikes Membership Fees; ON Semiconductor Stock Drops 3%; WD-40 Soars 13% on Strong Q3 Earnings • IH Market News • 07/11/2024 10:17:26 AM
- U.S. Stocks Rally Ahead Of Close Watched Inflation Data • IH Market News • 07/10/2024 08:44:00 PM
- NEAR Achieves New Milestones, TIA Faces Market Volatility, Block Unveils Advanced Mining Chips • IH Market News • 07/10/2024 07:47:39 PM
- Tech Stocks May Lead Initial Upward Move On Wall Street • IH Market News • 07/10/2024 01:11:51 PM
- Microsoft and Apple Exit OpenAI Board, TSMC Exceeds Forecasts with Record Revenue, and Other Key Updates • IH Market News • 07/10/2024 10:42:17 AM
- Paramount-Skydance $28B Merger, Boeing Agrees to Plead Guilty with $243.6M Fine, and More News • IH Market News • 07/08/2024 10:37:52 AM
- Apple Joins OpenAI Board, Logitech President Opts Out of Reelection, and More News • IH Market News • 07/03/2024 10:59:39 AM
- U.S. Stocks Close Higher; Nasdaq Outperforms • IH Market News • 07/01/2024 09:10:17 PM
- Dow Dips, Nasdaq Gains, Oil Prices Rise • IH Market News • 06/26/2024 11:00:03 AM
- SolarEdge Stock Falls 13%, Wegovy Approved in China, Grail Nasdaq Debut, Apple Rejects Meta Chatbot • IH Market News • 06/25/2024 10:36:11 AM
- UPS Divests Coyote Logistics in $1.025 Billion Deal with RXO, Under Armour Agrees to $434 million Settlement, and More News • IH Market News • 06/24/2024 11:00:20 AM
- Trump Media Resells Stocks and Warrants; KB Home Exceeds Q2 Expectations, and More News • IH Market News • 06/20/2024 10:55:11 AM
- Apple The Exchange TRX to welcome its first customers this Saturday, June 22, in Kuala Lumpur • Business Wire • 06/20/2024 02:00:00 AM
- Nvidia Overtakes Microsoft To Become World’s Most Valuable Company • IH Market News • 06/19/2024 09:32:08 AM
- Fisker Files for Bankruptcy, Chegg Stocks Rise on 23% Workforce Reduction, and More • IH Market News • 06/18/2024 11:02:13 AM
Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution • GDLG • Jul 26, 2024 12:30 PM
Southern Silver Files NI43-101 Technical Report for its Updated Preliminary Economic Assessment for the Cerro Las Minitas Project • SSV • Jul 25, 2024 8:00 AM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM