Apple beats Q2 estimates, as iPhone sales decline 10%
Apple ( AAPL) reported its second quarter earnings after the bell on Thursday beating expectations on the top and bottom lines, but revenue declined 4% year-over-year on slower iPhone, Mac, iPad, and wearables sales than the same period in 2023.
Still, the company announced it was authorizing an additional $110 billion for share repurchases and increased its dividend to $0.25 per share.
Shares of Apple rose more than 3% following the report.
Apple's Greater China revenue slide 8% year-over-year to $16.37 billion, though that was better than the $15.87 billion analysts were expecting. The company's all important iPhone revenue topped out at $45.96 billion, down from $51.33 in Q2 last year.
Overall, Apple reported earnings per share (EPS) of $1.53 on revenue of $90.8 billion. Wall Street was anticipating EPS of $1.50 on revenue of $90.3 billion, according to analyst estimates compiled by Bloomberg.
Apple is dealing with a one-two combination of a resurgent Huawei and a slowing economy in China, which is cutting into its sales.
The company's stock is off some 10% year to date and 2% over the last 12 months. Shares of Big Tech rivals like Microsoft ( MSFT) and Google ( GOOG, GOOGL), meanwhile, are up 30% and 58% over the last year, respectively.
Mac revenue came in at $7.45 billion versus an anticipated $6.79 billion, while iPad revenue hit $5.55. Analysts were expecting $5.91 billion. Wearables, which includes AirPods, the Apple Watch, and Vision Pro saw revenue of $7.91. Wall Street was looking for $8.28 billion.
But there was one bright spot for Apple in the quarter. Services revenue hit $23.87 billion. Analysts were expecting $23.28 billion.
More at: finance.yahoo.com |
