Apple Inc. broke its four-quarter streak of revenue declines in the holiday quarter, eking out 2% growth on the heels of better-than-expected iPhone sales. Still, shares of Apple
AAPL,
+1.33%
fell nearly 2% in extended trading Thursday after the company logged a sharp miss on revenue from Greater China.
Declines in China “are likely going to be a huge focus for investors,” Evercore ISI analyst Mark Mahaney wrote in a note to clients. The company generated $119.6 billion in fiscal first-quarter revenue, up from $117.2 billion a year before, and ahead of the FactSet consensus, which was for $118.0 billion. Apple generated $20.8 billion in sales from Greater China, down from $23.9 billion a year earlier. Analysts were looking for $23.5 billion. Sales from the iPhone segment increased to $69.7 billion from $65.8 billion, whereas analysts were calling for $67.6 billion. Apple posted a sizable earnings beat for the December quarter, raking in net income of $33.9 billion, or $2.18 a share, up from $30.0 billion, or $1.88 a share, in the year-earlier period. Analysts had been modeling $2.10 in earnings per share. The company posted a 45.9% gross margin, above the 45.5% consensus view, which Mahaney said likely reflected greater contributions from more expensive iPhones. Apple’s Mac bu …
Article Attribution | Read More at Article Source
AAPL,
+1.33%
fell nearly 2% in extended trading Thursday after the company logged a sharp miss on revenue from Greater China.
Declines in China “are likely going to be a huge focus for investors,” Evercore ISI analyst Mark Mahaney wrote in a note to clients. The company generated $119.6 billion in fiscal first-quarter revenue, up from $117.2 billion a year before, and ahead of the FactSet consensus, which was for $118.0 billion. Apple generated $20.8 billion in sales from Greater China, down from $23.9 billion a year earlier. Analysts were looking for $23.5 billion. Sales from the iPhone segment increased to $69.7 billion from $65.8 billion, whereas analysts were calling for $67.6 billion. Apple posted a sizable earnings beat for the December quarter, raking in net income of $33.9 billion, or $2.18 a share, up from $30.0 billion, or $1.88 a share, in the year-earlier period. Analysts had been modeling $2.10 in earnings per share. The company posted a 45.9% gross margin, above the 45.5% consensus view, which Mahaney said likely reflected greater contributions from more expensive iPhones. Apple’s Mac bu …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]