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Despite unexpected revenue growth, Apple’s stock price fell



The iPhone maker announced Thursday’s revenue of $64.7 billion for the quarter, an increase of 1% over the same period last year and $1 billion higher than analysts’ expectations. apple (AAPL) Announced earnings per share are 0.73 US dollars, while analysts’ expected earnings per share are 0.70 US dollars.
Despite better-than-expected performance, Apple’s stock price fell 4% in after-hours trading on Thursday.
Investors may be disappointed by the slowdown in sales growth in the last quarter, when demand growth driven by the pandemic increased revenue by 11% year-on-year.
They may also notice that iPhone sales in the September quarter were down 20% from the same period last year. This may be at least in part because the September quarter this year did not include sales of the new iPhone 1
2., Apple’s highly anticipated 5G smartphone launched earlier this month.
Sales in the September quarter of last year included iPhone 11 sales in the first 10 days. However, due to the pandemic, the release of the iPhone 12 was delayed this year, so sales did not begin until after the quarter.

Apple CEO Tim Cook said in a call to analysts on Thursday afternoon that sales in the Chinese market were particularly affected by the lack of new iPhones in the September quarter. The Chinese market, which is Apple’s main market, saw sales drop by nearly 29% this quarter.

Apple still pointed out that international sales contributed 59% of revenue for the quarter.

The epidemic still seems to benefit other areas of Apple’s business. The company said that its service sector revenue increased by more than 16% over the same period last year, reaching $14.5 billion, while Mac sales increased by 29% to $9 billion, both hitting record highs.

Apple’s Chief Financial Officer Luca Maestri said: “Our outstanding September quarter results sum up an extraordinary fiscal year. Despite the extremely unstable and challenging revenue environment, we have generated new revenue. , New records for earnings per share and free cash flow.” A statement.

The company also announced a cash dividend of $0.205 per share on Thursday, which will be paid on November 12 to anyone who holds shares as of November 9.


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