Shares of apple (NASDAQ: AAPL) fell more than 5% after the market closed on Thursday, following the announcement of the tech giant’s fourth-quarter earnings.
Apple’s revenue increased 1% year-on-year to $ 64.7 billion. With more people working and studying at home during the coronavirus crisis, Apple’s Mac and iPad sales rose 29% and 46%, respectively. “From distance learning to the home office, Apple products have become doors to the world for users as the pandemic continues and our teams have responded to the needs of the moment. With creativity, passion and the kind of big ideas that only Apple can, “CEO Tim Cook said in a press release.
However, iPhone sales fell more than 20% to $ 26.44 billion. This is lower than the Wall Street estimate of $ 27.93 billion. Additionally, Apple declined to provide guidance for the first quarter of fiscal 2021, which has disappointed investors hoping to better understand management’s expectations for iPhone sales. The company’s new 5G support.
So what now
In an interview with CNBC, Cook said that the increased number of COVID-19 cases, as well as the general economic uncertainty associated with the pandemic, made it difficult to give exact instructions. However, Cook has said that “the initial data point is really pretty good” for the launch of the iPhone 12.
“Despite the continued effects of COVID-19, Apple is in the midst of our most prolific product launch ever and early response to all of our new products, leading to The first is our first line of 5G-enabled iPhones, which has been very active, “Cook said.