Name: Apple falls as soft holiday quarter outlook outweighs earnings beat; brokerages lower numbers By Investing.com
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Apple falls as soft holiday quarter outlook outweighs earnings beat; brokerages lower numbers By Investing.com

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AuthorYasin EbrahimEditorHari GStock Markets21&nbsp;AAPL-1.42%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseInvesting.com - Apple Inc. (NASDAQ:) reported fiscal fourth quarter results that topped Wall Street estimates as better-than-expected services revenue boosted results.While Apple was down modestly in after-hours trading on Thursday, losses accelerated after Apple's CFO Luca Maestri issued a soft sales outlook for the holiday quarter on the earnings call.Apple stock was down 3.3% at 05:45 EDT (09:45 GMT).The company 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.Speaking on the call, CFO Maestri said Apple expects FQ1 revenue to be similar to last year's. Apple generated $117.2 billion in December revenue last year, while Street was looking for $122.8 billion."We expect iPhone revenue to grow year-over-year on an absolute basis. We also expect to grow after normalizing for both last year's supply disruptions and the one extra week," the CFO said.Several brokerages lowered their price targets on Apple stock in response to the softer-than-expected FQ1 guidance."The December quarter typically sets the tone for the year: Running out normal seasonality from Q1 points to company revenues of $370-380B, below consensus (~$407B)," analysts at Bernstein said in a client note.Analysts at Citi cut the price target by $10 to $230 per share, reflecting lowered product sales expectations.Additional reporting by Senad KaraahmetovicApple falls as soft holiday quarter outlook outweighs earnings beat; brokerages lower numbers21Comments (21)21Add a CommentComment Guidelines&nbsp;I have read Investing.com's comments guidelines and agree to the terms described.I AgreeWrite your thoughts hereAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyShareFollow this postUnfollow this postSaveBlock UserReplyAre you sure you want to delete this chart?Delete Cancel&nbsp;PostReplace the attached chart with a new chart ?Replace CancelComment GuidelinesAdd Chart to CommentCancelAttachConfirm BlockAre you sure you want to block %USER_NAME%?By doing so, you and %USER_NAME% will not be able to seeany of each other's Investing.com's posts.%USER_NAME% was successfully added to your Block ListSince you’ve just unblocked this person, you must wait 48 hours before renewing the block.Confirm Block CancelOkReport this commentI feel that this comment is:SpamOffensiveSubmitComment flaggedThank You!Your report has been sent to our moderators for reviewCloseTabs SelectionIndicesCommoditiesBondsStocksCryptoForexETFsApply&nbsp;US 3034,007.2+168.1+0.50%&nbsp;&nbsp;US 5004,353.6+35.8+0.83%&nbsp;&nbsp;Dow Jones34,008.91+169.83+0.50%&nbsp;&nbsp;S&amp;P 5004,353.30+35.52+0.82%&nbsp;&nbsp;Nasdaq13,409.90+115.71+0.87%&nbsp;&nbsp;S&amp;P 500 VIX15.23-0.43-2.75%&nbsp;&nbsp;Dollar Index105.147-0.830-0.78%&nbsp;&nbsp;Crude Oil WTI82.15-0.31-0.38%&nbsp;&nbsp;Brent Oil86.49-0.36-0.41%&nbsp;&nbsp;Natural Gas3.518+0.046+1.32%&nbsp;&nbsp;Gold2,003.90+10.40+0.52%&nbsp;&nbsp;Silver23.315+0.469+2.05%&nbsp;&nbsp;Copper3.6922+0.0197+0.54%&nbsp;&nbsp;US Soybeans1,349.38+20.38+1.53%&nbsp;&nbsp;U.S. 10Y4.534-0.136-2.91%&nbsp;&nbsp;U.S. 30Y4.703-0.118-2.45%&nbsp;&nbsp;U.S. 5Y4.481-0.155-3.35%&nbsp;&nbsp;U.S. 3M5.422-0.018-0.34%&nbsp;&nbsp;US 10Y T-Note108.48+1.00+0.93%&nbsp;&nbsp;Euro Bund130.53+0.56+0.43%&nbsp;&nbsp;10-2 Yield Spread-21.580.000.00%&nbsp;&nbsp;Apple175.05-2.52-1.42%&nbsp;&nbsp;Alphabet A128.13+0.64+0.50%&nbsp;&nbsp;Tesla223.88+5.37+2.46%&nbsp;&nbsp;Amazon.com138.24+0.17+0.12%&nbsp;&nbsp;Netflix427.80+3.09+0.73%&nbsp;&nbsp;Meta Platforms312.29+1.42+0.46%&nbsp;&nbsp;Bank of America28.50+0.88+3.19%&nbsp;Most Popular ArticlesU.S. adds 150,000 jobs in October, less than expectedApple falls as soft holiday quarter outlook outweighs earnings beat;...Payrolls report ahead, Apple earnings - what's moving marketsU.S. stocks are rising as weaker jobs report fuels hopes for interest...Stock Market Today: Dow ends higher as Treasury yields dive; jobs...More News&nbsp;Fed to Deliver Second Consecutive 'Hawkish Pause': Will the Market Buy...Bitcoin Bulls Look to Hold Key Support Ahead of NFPs: How to Trade the...Gold: Back to $1,800s if US Yields Don’t Back Off?Be Careful: Job and Retail Sales Data Are Always Good Until They...15 Stocks to Buy as ‘Hawkish’ Fed Keeps Door Open for Future HikesMore Analysis&nbsp;Sign up with Email

AuthorYasin EbrahimEditorHari GStock Markets21&nbsp;AAPL-1.42%Add to WatchlistAdd PositionPosition added successfully to:&nbsp;+ Add another positionCloseInvesting.com - Apple Inc. (NASDAQ:) reported fiscal fourth quarter results that topped Wall Street estimates as better-than-expected services revenue boosted results.While Apple was down modestly in after-hours trading on Thursday, losses accelerated after Apple's CFO Luca Maestri issued a soft sales outlook for the holiday quarter on the earnings call.Apple stock was down 3.3% at 05:45 EDT (09:45 GMT).The company earnings per share of...

Apple falls as soft holiday quarter outlook outweighs earnings beat; brokerages lower numbers By Investing.com

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