Apple falls despite better than expected Q3 reports

Apple falls despite better than expected Q3 reports

On Thursday, Apple posted financial reports that beat US investors’ expectations yet a plunge in iPhone sales and missing guidance disturbed traders, making them fall 3.5% in after-market trading hours. The US giant announced revenue of $64.7 billion and EPS of $0.73 in comparison to the predicted $63.98 billion revenue and earnings per share of $0.71.

The net sales for iPhones slumped to $26.4 billion from $33.4 billion for the same time last year. The iPhone revenue makes more than half of income for Apple and missed expectations of $27.93 billion. The low sales are estimated to be due to people waiting to buy the iPhone 12, which is launched this month, thus, making sales lower than expected.

Apple’s other income sources come from Apple News, iCloud, and Apple TV+ rose from $12.5 billion to $14.55 billion, as compared to expected $14.12 billion.


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