Apple misses December-quarter target due to decline in iPhone, Mac sale

credit-google

Apple stock fell in extended trading on Thursday as consumer electronics giant Apple missed Wall Street's targets for the December quarter amid declining iPhone and Mac sales.

credit-google

The Cupertino, California-based company reported earnings of $1.88 per share on sales of $117.2 billion in its fiscal first quarter that ended December 31.

credit-google

Analysts polled by FactSet had expected earnings of $1.94 per share on sales of $121.4 billion.

credit-google

On a year-over-year basis, Apple's earnings declined 10% while sales declined 5%.

credit-google

In addition, last quarter Apple faced supply shortages from COVID-related disruptions at its main iPhone factory in China.

credit-google

Apple executives emphasized the positives in the company's earnings news release.

credit-google

The company has crossed a major milestone with its installed base reaching over 2 billion active devices. Which includes iPhone, iPad, Mac and other gadgets.

credit-google

In the later trading today in the stock market, Apple stock fell 3.9% to 144.93. Apple stock closed up 3.7% at 150.82 during Thursday's regular session.

credit-google

Apple's services revenue grew 6% year over year to $20.77 billion in the December quarter. But hardware revenue declined 8% to $96.39 billion.

credit-google

Apple company believes that they will pull the company around the corner.

credit-google