The iPhone maker dips despite exceeding fiscal Q4 estimates for the revenue, but stays behind the expected iPhone sales.
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The world-leading firm and tech giant, Apple Inc. (AAPL) was expected to make a major impact after the launch of its latest 5G iPhone series but the stock showed lagging performance due to lower than expected sales of latest iPhones.
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Apple stock has lost approximately $450 billion, dropping by a 19% since it crossed $2 trillion market capitalization in August and peaking last month.
The latest period of selling on Friday where the trading volume was above 190 million, the iPhone marker plunged 5.6% wiping out more than $120 million in a single day.
Apple stock closed the trading session on Friday at $108.86, losing -$6.46 after it opened the day at $111.06.
The stock dipped despite exceeding Wall Street estimates of fourth quarter revenues and earnings per share. It was the impact of Apple missing iPhone sales estimate and not updating its next quarter outlook.
The fourth quarter sales were recorded at $64.7 billion beating analysts’ estimate of $63.48 billion and the earnings per share were $0.73 per share from the Wall Street expected $0.70 per share.
Apple Inc (AAPL) reported a record sale of Macs and services made up for a delayed iPhone 12 launch. The services revenue surpassed the consensus estimate of $13.87 billion as the company recorded $14.5 billion.
The iPhone sales were the key debate as they did not reach the expected mark. Apple reported iPhone sales of $26.4 billion compared to analysts expected $27.06 billion.
China revenues also toppled and the company overall sales of iPhone dropped 21% on anticipation of the new models. In Greater China, revenue fell to $7.9 billion, a 29% drop which was the lowest in the past few years.
The chief financial officer of Apple, Luca Maestri commented that iPhone 12 and iPhone 12 Pro sales were “off to a great start.” While the CEO of the company, Tim Cook said that the sales were “tremendously positive” amid the pandemic impact. Cook said:
“Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services.”
The company believes that they have a recorded good amount of sales considering the unprecedented economic and social circumstances around the globe.
The top management of the company remains optimistic about iPhone 12 sales and expect them to increase during the December quarter if things settle down during that period.
The lack of forward guidance marks the third straight quarter Apple refrained from providing official forecasts because of the pandemic.