Apple (AAPL) has reported financial results that beat Wall Street estimates on both the top and bottom lines.
The Silicon Valley-based consumer electronics giant announced earnings per share (EPS) of $1.64 U.S., which topped consensus forecasts of $1.60 U.S.
Revenue in what was the company’s fiscal fourth quarter totaled $94.93 billion U.S.; besting expectations that called for $94.58 billion U.S. Sales rose 6% from a year earlier.
Apple’s iPhone revenue amounted to $46.22 billion U.S. compared to $45.47 billion U.S. that had been forecast. iPhone sales were up 6% year-over-year.
The iPhone remains Apple’s most important electronics device, accounting for half of its total sales.
While iPhone sales experienced growth during the quarter, revenue from Apple’s other product categories missed Wall Street forecasts.
Sales of Mac computers, iPads, and Other Products all came in below Wall Street’s expectations.
Revenue from Apple Services, which includes the app store and Apple TV+ streaming service, came in at $24.97 billion U.S., which was below consensus estimates of $25.28 billion U.S.
Apple’s gross margin in the quarter was 46.2% compared to an estimate of 46%.
Management said that the results were impacted by a one-time income tax charge of $10.2 billion U.S. Apple paid to resolve a tax case in Ireland.
As is typical, Apple didn’t provide any forward guidance.
Management did say that they spent $29 billion U.S. on share repurchases and dividend payments during the quarter. The company’s cash pile now stands at $156.65 billion U.S.
Apple’s stock has gained 22% so far this year and trades at $225.91 U.S. a share.
Tech Insider
