APPLE QUARTERLY PROFIT – Revenue tops Wall Street targets but China lags
Apple reported sales and profit that beat Wall Street estimates, powered by growth in its iPhone business. But China sales missed analysts’ targets.
Apple shares were down 1.2% in after-hours trading.
The 2% rise in overall fiscal first-quarter sales for the company ended four straight quarters of sales declines on the strength of its iPhone 15 lineup, which includes devices capable of capturing three-dimensional video for the Vision Pro headset being released this week. Apple’s total installed base of devices hit 2.2 billion, up from 2 billion a year ago.
For its fiscal first quarter ended Dec. 30, Apple reported sales of $119.58 billion and profit of $2.18 per share, both above analyst expectations of $117.91 billion and $2.10 per share, according to data from LSEG.
Sales of iPhones hit $69.70 billion, growing 6% to beat analyst expectations of $67.82 billion, according to LSEG data.
Apple also said sales in China were $20.82 billion, missing analyst estimates of $23.53 billion, according to LSEG data.