Wednesday, January 30, 2019

Apple's Earnings Report

Apple reported earnings after the bell yesterday, right in line with expectations: First-quarter revenue was $84.3 billion, while Wall Street was looking for $83.97 billion. Total sales were $88.3 billion.

But iPhone revenue came in slightly below projections. Quarterly iPhone revenue was $51.98 billion vs. a $52.67 billion forecast, but sales of iPhones plummeted 15 percent during the holiday period. Apple said there were 900 million active iPhone users in the world — the first time the company has disclosed the size of that market.

Apple’s sales represent a year-over-year decline of 5 percent, its first annual revenue decline during a holiday season quarter since 2001. Apple says that 100 percent of that decline was driven by performance in China, where the company saw almost $5 billion less in revenue than a year ago.

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