Investing.com - Apple reported Thursday fiscal first-quarter results that beat Wall Street expectations even as iPhone sales fell just shy of estimates following weakness in China amid rising competition.
Apple Inc (NASDAQ:AAPL) shares fell more than 1% in after-hours trade following the report.
Apple announced earnings per share of $2.18 on revenue of $119.58 billion. Analysts polled by Investing.com anticipated EPS of $2.10 on revenue of $118.06B.
The better-than-expected revenue comes despite sales in greater china sales falling 13% to $20.82B and weighing on iPhone sales amid tough competitive backdrop.
"Apple’s worrying China sales figures indicate demand for its high-end iPhones is slowing more than expected in the face of rising competition from local companies, including Huawei," Jesse Cohen, senior analyst at Investing.com, said Thursday.
iPhone revenue, which makes up about half of total revenue, rose to $69.70B from $65.78B a year earlier, but slightly missed estimates of $67.82B.
Revenue from Apple’s service business including Apple Music, Apple TV+ and iCloud, grew to $23.12B from $20.77B a year earlier, missing estimates of $23.35B.
Wearables, home and accessories racked up $11.95B in revenue, down from $13.48B, but ahead estimates of $11.56B.