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18 November 2018


Apple likely to miss Q4 expectations over iPhone sales

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Apple Inc. on Thursday said sales for the crucial holiday quarter could miss Wall Street expectations, which Chief Executive Tim Cook blamed on weakness in emerging markets, foreign exchange costs and uncertainty whether the iPhone maker can keep up with demand for new products.

Axar.az reports citing Apple said it expects between $89 billion and $93 billion in revenue for its fiscal first quarter ending in December, while Wall Street on average expects $93 billion, according to Refinitiv data.

Shares dropped as much as 4.3 percent to $212.46 in after-hours trading after the results were released.

Apple said revenue from services, which includes iCloud, the App Store and Apple Music, reached $10 billion, in line with analyst estimates. Apple investors have been increasingly focused on growth in the company's services business as growth in the global market for smartphones levels off in terms of unit sales.

Apple forecast a tax rate of 16.5 percent for the December quarter, above analyst expectations of 15.9 percent, according to data from Refinitiv.

"There's going to be a minimum tax on foreign earnings coming from the new tax legislation" passed in the United States, Apple Chief Financial Officer Luca Maestri told Reuters.

For its full fiscal 2018 ended in September, Apple reported revenue of $265.6 billion and profits of $11.91 per share, beating analyst estimates of $264 billion and $11.79 per share

Date
2018.11.02 / 11:54
Author
Axar.az
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