Record Mac sales have helped Apple Inc. make up for the lack of new iPhones in its fourth fiscal quarter as the COVID-19 pandemic continues to drive rising demand for remote work tools.
Despite Apple’s AAPL,
IPhone business fell in the 9th quarter, Apple surpassed general expectations partly due to resurging Mac sales. Mac’s $ 9 billion in revenue is more than $ 1 billion more than what analysts expect amid growing demand for products that make working and learning at home easier.
Shares, however, fell 5.2% in after-hours trading Thursday, as Apple once again declined to provide financial forecasts amid a pandemic. Investors and analysts were hoping the guide would provide a clearer idea of what the new iPhone’s holiday sales would look like.
Chief Financial Officer Luca Maestri said during Apple’s earnings call that the company is expected to grow iPhone revenue in the December quarter “despite having shipped iPhone 12 and 12 Pro 4 weeks in the quarter and iPhone 12. mini and 12 Pro Max 7 weeks in the quarter. ” He also predicts that “all other products in general” will grow double-digit, as well as service business.
Although Apple’s sales in Greater China fell to $ 7.95 billion from $ 11.13 billion in the 9th quarter, CEO Tim Cook said during the Apple call that the company was “confident that [it] growth this quarter in China. “
Apple’s upbeat Mac results for the September quarter are in line with general trends in the personal computer industry, with third-party analysts at Gartner and IDC pointing to the strongest growth in more than a decade of PC school.
The company seems to benefit from school systems, when Cook says it has begun rolling out nine of its 10 largest schools that will support more than 1 million students and teachers.
For many other years, Apple’s fourth fiscal quarter received a shock from the early sales of the company’s newest iPhone models. Apple delayed the launch of the iPhone 12 due to the COVID-19 crisis this year, but the rest of the business grew as Apple exceeded expectations across its other four product categories.
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Apple’s total revenue for the quarter jumped to $ 64.7 billion from $ 64.04 billion a year ago, while analysts surveyed by FactSet are modeling $ 63.7 billion. The company posted net income of $ 12.67 billion, or 73 cents a share, down from $ 13.68 billion, or 76 cents a share, in the first quarter of the year. Analysts tracked by FactSet model 71 cents a share of earnings.
Apple saw iPhone revenue drop from $ 33.36 billion to $ 26.44 billion because the same period last year included some new-style device sales. These sales are down from the $ 28.08 billion that analysts surveyed by FactSet are modeling.
Revenue from the iPad rose to $ 6.8 billion from $ 4.66 billion, while revenue from the Mac rose to $ 9.03 billion from $ 6.99 billion. Apple’s latest entry-level iPad model hit the market at the end of the ninth quarter. Analysts surveyed by FactSet modeled $ 6.02 billion in iPad revenue and $ 7.82 billion in Mac revenue.
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Apple’s sales of wearables, home appliances, and accessories jumped to $ 7.88 billion from $ 6.52 billion in the previous quarter, higher than an estimate of $ 7.17 billion. . Revenue from services increased to $ 14.55 billion from $ 12.51 billion, while analysts are calling for $ 14.11 billion.
Apple’s overall sales were a record for the September quarter. The company said in its release that Mac services and sales hit “new all-time highs.[s]. “
The smartphone giant claimed a dividend of $ 0.205 a share, payable on November 12 to record shareholders at the end of its business on 9 months. 11.
Apple shares have risen about 59% so far this year according to the Dow Jones industrial average,
of which Apple is a component, has decreased by about 6%.