Apple Beats Q1, But iPhone Sales Miss Expectations Due to China Weakness
Apple Beats Q1, But iPhone Sales Miss Expectations Due to China Weakness

Apple Beats Q1, But iPhone Sales Miss Expectations Due to China Weakness

Feb. 2, 2024, 11:33 a.m., readers: 30

Apple (NASDAQ:AAPL) unveiled its fiscal first-quarter results on Thursday, surpassing Wall Street forecasts despite iPhone sales not meeting expectations due to challenges in China and increased competition. Following the announcement, shares of Apple declined over 2% intra-day today. The tech giant reported earnings per share of $2.18 with total revenue reaching $119.58 billion, exceeding the expectations of Wall Street analysts, who had predicted an EPS of $2.10 on revenue of $118.06 billion. This revenue achievement occurred even as sales in Greater China dropped 13% to $20.82 billion, impacting iPhone sales within a competitive market environment. iPhone sales, contributing to roughly half of Apple's overall revenue, increased to $69.70 billion from $65.78 billion the previous year, yet fell short of the $67.82 billion forecast. Revenue from Apple's services sector, which includes Apple Music, Apple TV+, and iCloud, grew to $23.12 billion from $20.77 billion in the preceding year but did not meet the anticipated $23.35 billion. The wearables, home, and accessories category generated $11.95 billion in revenue, a decrease from $13.48 billion in the prior year, yet surpassed the expected $11.56 billion.


About NASDAQ: AAPL

A pple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones;

Price: 182.88
Market cap: 2.8 trillion USD
Eps: 6.43
P/e ratio: 28.44
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