Apple Inc.'s sales barely grew and its profit fell by 13% in its latest quarter, but the company projected revenue for the current quarter that topped analysts’ estimates.
Apple Inc.'s sales barely grew and its profit fell by 13% in its latest quarter, but the company projected revenue for the current quarter that topped analysts’ estimates. Apple’s stock jumped 4% in after-hours trading.
Fiscal fourth-quarter sales will be $61 billion to $64 billion, the Cupertino, Calif., company said Tuesday in a statement. Analysts, on average, estimated $61 billion, according to data compiled by Bloomberg. The forecast suggests the company expects that its next iPhone lineup, which won’t be a major change from the 2017 and 2018 models, and increasing revenue from services will be strong enough to return the company to growth. Apple typically puts its new iPhones on sale toward the end of the current quarter.
“Investor expectations were pretty low going into the quarter, and the numbers beat in many segments, and the guidance was strong,” said Shannon Cross of Cross Research. “We’re seeing indication of strong product refreshes and launches as we move in to the fall and optimism around China.”Apple reported that sales in the period that ended June 29 gained 1% from a year earlier, to $53.8 billion, beating analysts’ estimates of $53.4 billion. Net income was $10 billion, or $2.
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