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Apple Beats Quarterly Expectations, Low iPhone Sales Pull Stocks Down

By John F. Heerdink, Jr.

As per reports, Apple Inc. (AAPL) exceeded fiscal fourth-quarter earnings estimates as sales from the company’s services offerings and Mac computers beat quarterly records. Revenue of $64.70 billion was reported, versus $63.47 billion expected, and EPS of 73 cents vs.70 cents was reported.

Mac sales increased and stood at $9.03 billion, due to an increased demand for new computers during the pandemic beating estimates at $8.04 billion. iPhone sales dropped nearly 21% to $26.44 billion, missing expectations at $27.06 billion.

The company reported a 29% drop in Greater China sales to $7.95 billion, comprising 12% of Apple’s overall sales. Revenue from Apple’s service offerings like Apple TV+, Apple News, and iCloud contributed $14.55 billion beating estimates and contributing to the company’s overall sales. Wearables and home accessories sales reported $7.88 billion, beating estimates at $7.35 billion.

Earlier in October Apple unveiled the iPhone 12 and iPhone 12 Pro, its first suite of 5G-enabled handsets. The technology giant has been working to promote the handset aggressively.

The company did not give any firm guidance since spring due to uncertainty around the coronavirus pandemic.

Dow 30 component Apple (AAPL) has revolutionized personal technology with the introduction of the Macintosh in 1984. Today Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to “leaving the world better than they found it. To learn more about Apple (AAPL) and track its ongoing progress at Vista Partners Apple (AAPL), Coverage Page.

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(Read Original Story: Apple earnings top expectations but sales drop in China, iPhone sales weighs on stock in Yahoo Finance)


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