Apple Q1 revenue drops but tops estimate; stock gains
January 29, 2019
Apple (AAPL), which is currently going through a bad phase amid falling overseas sales, reported better than expected earnings and revenues for the first quarter despite a further sharp decline in the sales of iPhone. The tech giant’s stock gained in the in after-hours on Tuesday following the announcement.
First-quarter earnings rose to $4.18 per share from $3.89 per share in the corresponding period of 2018 and topped analysts’ forecast. While the increase in earnings per share is mainly attributable to a variation in the share count, net income was broadly flat at $20 billion.
Sales of the Cupertino, California-based company dropped 4.5% annually to $84.3 billion but came in above the Wall Street estimates. Restricting the overall top-line performance, iPhone sales fell 15% and slightly missed the street view, while the other product categories including iPad and Mac maintained the positive momentum. Services revenue jumped 19% to an all-time high of $10.9 billion.
Earnings Call Transcripts: