{"id":8992,"date":"2023-11-03T08:25:53","date_gmt":"2023-11-03T08:25:53","guid":{"rendered":"https:\/\/infundpros.com\/investment\/apples-stock-falls-as-earnings-show-another-revenue-decline-china-pressure\/"},"modified":"2023-11-03T08:25:54","modified_gmt":"2023-11-03T08:25:54","slug":"apples-stock-falls-as-earnings-show-another-revenue-decline-china-pressure","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8992","title":{"rendered":"Apple\u2019s stock falls as earnings show another revenue decline, China pressure"},"content":{"rendered":"
\n

Apple Inc. continued its streak of revenue declines into a fourth consecutive quarter, beating overall sales expectations but coming up short in China.<\/p>\n

The company had seen revenue fall on a year-over-year basis during each of the previous three quarters, and it posted $89.5 billion for the fiscal fourth quarter Thursday, down from $90.1 billion a year before. Analysts were modeling $89.3 billion.<\/p>\n

\n

Will Apple
\n AAPL,
\n +2.07%<\/bg-quote>
\n be able to generate revenue growth in the holiday quarter? Management left that up in the air, with Chief Financial Officer Luca Maestri saying that the company expects a \u201csimilar\u201d revenue total in the December quarter relative to a year ago.<\/p>\n

That guidance didn\u2019t seem to match Wall Street\u2019s hopes. Consensus expectations were for $123.1 billion in December-quarter revenue, whereas the company posted $117.2 billion on the top line in that same period a year before.<\/p>\n

Net income for the September quarter was $23.0 billion, or $1.46 a share, compared with $20.7 billion, or $1.29 a share, a year before. Analysts were looking for $1.39 a share in earnings.<\/p>\n

Apple shares were off 3% in late trading following the earnings call.<\/p>\n

While the company expects iPhone revenue to grow on a year-over-year basis, iPad and wearables revenue could \u201cdecelerate significantly from the September quarter due to a different timing of product launches,\u201d according to Maestri.<\/p>\n

He noted that last year\u2019s December quarter benefited from an extra week, while this year\u2019s could see a 1-percentage-point negative impact from foreign exchange. <\/p>\n

For the September quarter, Apple
\n AAPL,
\n +2.07%<\/bg-quote>
\n reported iPhone revenue of $43.8 billion, up from $42.6 billion a year before, matching the FactSet consensus. The September quarter included just over a week\u2019s worth of sales of the new iPhone 15 lineup, which came out amid investor concerns about spending trends and China competition.<\/p>\n

Overall Greater China revenue came in at $15.1 billion relative to $15.5 billion a year before, whereas analysts were projecting $16.8 billion.<\/p>\n

Chief Executive Tim Cook said on the earnings call that while the iPhone business hit a September-quarter revenue record in mainland China, Macs and iPads weighed on performance as year-ago numbers benefited from pent-up sales following earlier factory disruptions.<\/p>\n

See also:<\/strong> Block makes progress on profits and sets big earnings goal, sending stock higher<\/p>\n

Overall Mac revenue fell to $7.6 billion from $11.5 billion a year earlier, while iPad revenue dropped to $6.4 billion from $7.1 billion. The FactSet consensus was for $8.5 billion and $6.2 billion, respectively. <\/p>\n

While Maestri called out the tough comparisons to a year-earlier period driven by pent-up demand, he also noted \u201cchallenging market conditions\u201d for the Mac.<\/p>\n

Wearables, home and accessories revenue came in at $9.3 billion, down from $9.7 billion a year before. Analysts were looking for $9.5 billion.<\/p>\n

The company saw services revenue grow to $22.3 billion from $19.2 billion and exceed the FactSet consensus, which was for $21.4 billion.<\/p>\n

\u201cFrom a category standpoint, literally, we set records in each one of the big categories,\u201d Maestri said of the services business. \u201cWe had all-time records for App Store, for advertising, for cloud, video, Apple Care, payments and a September-quarter record for music.\u201d<\/p>\n

The stock is up 36% so far this year, while the Dow Jones Industrial Average
\n DJIA
\n has gained about 1%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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