Apple reported fourth-quarter revenue that beat analysts' expectations Wednesday, thanks to strong performance in services and the rapidly growing portable business. Apple shares rose more than 1% in demand trading.
Here's how the company did compared to Refinitive Consensus Estimates:
- Revenue : $ 64 billion versus $ 62.99 billion.
- EPS : $ 3.03 against $ 2.84 appropriations.
- Q1 Revenue Guide : $ 85.5 billion to $ 89.5 billion estimated against $ 86.92 billion.
- iPhone Revenue : $ 33.36 Billion vs. $ 32.42 Billion.
- Service Revenue : $ 1
Investors followed Apple's guidance for that important holiday quarter, which was in line with analysts' estimates. Apple signals that it expects growth during last year's holiday quarter, which was hit by a major drop in iPhone sales in China.
Apple CEO Tim Cook highlighted the strong holiday forecast in a statement. "With customers and reviewers excited about the new generation of iPhones, today's debut of new, noise-canceling AirPods Pro, the long-awaited arrival of Apple TV + just two days away, and our best line of products and services ever, we're very optimistic about what the holiday quarter has in store, "Cook said.
It also suggests that Apple has a chance to beat the record $ 88.3 billion in revenue it posted in the quarter ended December 2017.
iPhone sales were down 9% year over year, but the company's total revenue increased , partly due to 18% growth in Apple's service business, which includes AppleCare warranties and subscriptions such as iCloud. Wearables, including the popular AirPods earbuds, were the company's fastest growing segment, with revenues up 54% to $ 6.52 billion in the quarter. The company recently released a new, more expensive version, AirPods Pro, which could come in for holiday sales.
Most of Apple's sales growth occurred in America, with sales in Europe, Japan and Greater China down slightly from last year's quarter.
Apple's total cash on hand was $ 205.9 billion, down 2.2% from the previous quarter as the company continues its aggressive buyback strategy. Apple said it spent $ 18 billion on share buybacks and $ 3.5 billion in dividends during the quarter.
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