Apple reported fiscal third-quarter results that beat Wall Street expectations for both earnings and sales, driven by stronger services sales that grew 8% on an annual basis.
Overall sales still fell 1% year over year, however, and revenue in the company's iPhone, Mac, and iPad lines were all down from a year earlier.
Apple shares fell more than 2% in extended trading.
Here's how Apple did versus Refinitiv consensus estimates and on a year-over-year basis:
- EPS: $1.26 vs. $1.19 estimated
- Revenue: $81.8 billion vs. $81.69 billion estimated, down 1%
- iPhone revenue: $39.67 billion vs. $39.91 billion estimated, down 2%
- Mac revenue: $6.84 billion vs. $6.62 billion estimated, down 7%
- iPad revenue: $5.79 billion vs. $6.41 billion estimated, down 20%
- Other Products revenue: $8.28 billion vs. $8.39 billion estimated, up 2%
- Services revenue: $21.21 billion vs. $20.76 billion estimated, up 8%
- Gross margin: 44.5% vs. 44.2% estimated
Apple didn't provide official guidance. It hasn't provided official guidance since 2020, citing uncertainty. But the tech giant did provide some data points for how it views the current quarter shaking out. The stock fell further after CFO Luca Maestri said the company expected revenue to decline in the September quarter.
Here's what you need to know:
- Apple's services business is the big highlight
- IPhone, Mac and iPad sales fell: 'The smartphone industry is tough in the U.S. right now,' Cook says
- Apple CFO Luca Maestri says Q4 'should get a bit better'
- Apple CEO Tim Cook not concerned about Fitch downgrading U.S.
- Apple now has $166.5 billion in cash on hand, up slightly from last quarter
- Apple's China sales grew
- Cook says Apple has been working on generative A.I. for years
- Apple will give demos for its new Vision Pro virtual reality headset in Apple stores
- How iPhone sales and services revenue are related
- Here's what Apple's net sales have looked like for the past three years