iPhone sales drops as Apple reports earning

Apple stocks fell slightly following as the company reported that it recorded low sales on iPhones while it exceeded Services, Wearables, Mac, and iPad revenue.

The company reported its financial earnings on Thursday breaking all of the company’s fourth fiscal quarter records.

Apple’s iPhone 12 didn’t launch during the last quarter, and zero sales of the device were realized, versus every other quarter for the last seven years having at least some revenue from that year’s flagship release. (Apple Insider)

While Apple has recently launched new iPad lines, such as the fourth-generation iPad Air, only the 10.2-inch iPad was released at the end of the period, and it is unlikely to have made much of a dent in the quarter. Apple reports iPad revenue was $6.8 billion in revenue for the period, up year-on-year from last year’s $4.66 billion figure.

The Mac segment had one prominent launch in the quarter, with the 27-inch 5K iMac updated in August. For the quarter, Apple reports Mac revenue at $9 billion, up from $6.99 billion last year.

The Wearables, Home, and Accessories category is likely to have enjoyed a few short weeks of extra sales from the launch of the Apple Watch Series 6 and Apple Watch SE, which both shipped shortly after their mid-September launches. The category reports revenue of $7.9 billion, continuing its year-on-year uptick from last year of $6.52 billion.

China, an important region of growth for the tech giant, generated $7.9 billion in sales, down significantly from the $11.1 billion notched in the year-ago period.

Highlights from the earnings report:

– Apple has not announced guidance for the holiday quarter.

– Cook said that there was a “sufficient level of uncertainty” to not do so

– On the iPhone 5G, Cook said that the release is a “one-in-a-decade” opportunity, with a loyal customer base primed to update

– Apple One is coming on Friday, according to Maestri, with Fitness arriving “in the fall”
Apple fell to 110.85 at 4:42 PM ET, erasing Thursday’s gains – MW

– iPhone 12, iPhone 12 Pro launching in South Korea, India and 12 other countries on October 30

– Apple has returned nearly $22 billion to investors during the quarter

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