Apple Q4 results top estimates on record services growth
Investing.com — Apple reported Thursday fiscal fourth-quarter results that topped Wall Street estimates as better-than-expected services revenue boosted results.
Apple Inc (NASDAQ:AAPL) was down 1.2% in afterhours trading.
The company reported earnings per share of $1.46 on revenue of $89.5 billion. Analysts polled by Investing.com forecast EPS of $1.39 on revenue of $89.31B.
The beat on top and bottom lines comes as sales growth in Americas and Europe helped ease the hit to revenue from a 2.5% fall in China sales following a rise in competition from rivals including Huawei.
iPhone revenue rose 3% to $43.81B from a year earlier, in-line with Wall Street estimates of $43.81B.
The services business including Apple Pay, Apple TV+ and iCloud storage saw revenue rise 16% to $22.31B to an all-time high from a year earlier, beating analyst estimates of $21.35B.
Gross margin, led by the services business, was up 6.1% in Q4 from a year earlier.
Apple’s wearables, home and accessories category — previously called other products — fell 3.4% to $9.32B from the year-ago period, above estimates of $9.7 billion.
Revenue for the iPad fell 10% and revenue for the Mac plunged 34% in the quarter from a year earlier.
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