- Apple shares fell as much as 5.6% on Friday after the tech giant’s fiscal fourth-quarter figures failed to meet analysts’ expectations.
- As much as $111 billion was erased from Apple’s market cap.
- The company beat estimates for overall revenue and profit, but iPhone sales landed below hopes.
- Apple’s updated phone lineup was released roughly one month later than usual, ensuring that sales of the new models will materialize in its current-quarter report.
- The company stopped short of providing forward guidance for the third consecutive quarter. While its finance chief, Luca Maestri, said new-phone sales were “off to a great start,” the lack of official guidance rankled investors.
- Watch Apple trade live here.
The tech giant beat estimates for quarterly revenue and profit, bolstered by robust growth in its wearables and services segments. Mac sales climbed to a record high amid continued work-from-home activity. iPad sales also surprised to the upside.
But iPhone revenue missed the mark. Apple’s new 5G-capable lineup hit shelves roughly one month later than usual, ensuring that iPhone 12 sales will first show up in its next quarterly report.
The stock’s tumble meant that as much as $111 billion was erased from Apple’s market cap at intraday lows.
Here are the key numbers:
- Revenue: $64.7 billion, versus the $63.5 billion estimate from analysts surveyed by Bloomberg
- Earnings per share: $0.73, versus the $0.70 estimate
- iPhone revenue: $26.4 billion, versus the $27.1 billion estimate
Read more: Steven Pesavento quit his 9-to-5 career to pursue real-estate investing full time. Here’s how he went from a no-experience tech-head to having flipped over 200 properties in a few years’ time.
Video: Apple beats top and bottom line but iPhone revenues miss estimates (CNBC)