Disappointing iPhone sales triggered a sell-off in Apple stock in after-hours trading, despite beating earnings and revenue estimates in its December quarter.
Its 51m iPhone sales compared with consensus forecasts of between 55m and as high as 60m, sending its shares down 5 per cent immediately after publication on Monday. Revenues of $57.6bn came in just ahead of Wall Street’s expectations while earnings of $14.50 were ahead by 40 cents, thanks to a better than expected gross margin of 37.9 per cent. Apple had guided to a range of $55bn-$58bn in revenues for the quarter.
Net profit was flat over the previous year at $13.1bn.
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