Apple Q4 Profit In Line, But Revenues Miss Street; Shares Down Nearly 4%

Shares of Apple Inc. (AAPL) slipped nearly 4% in extended trading session on Thursday after the California-based tech giant reported fourth-quarter results, with earnings meeting Wall Street’s expectations, but revenues missing estimates.

Apple said its fourth-quarter profit surged to $20.55 billion or $1.24 per share from $12.67 billion or $0.73 per share last year. Twenty-seven analysts polled by Thomson Reuters predicted earnings of $1.24 per share for the quarter.

Fourth-quarter revenues rose to $83.36 billion from $64.70 billion last year. Twenty-four analysts estimated revenues of $84.85 billion for the quarter.

The revenue was primarily driven by an increase in the sales of iPhones year-over-year. Sales of iPhones was $38.87 billion, compared to $26.44 billion last year. Apple’s services revenues also increased to $18.28 billion from $14.55 billion year-over-year.

While sales increased in the US and Europe, the jump to $14.56 billion from $7.95 billion in Greater China propelled the top line.

“Our record September quarter results capped off a remarkable fiscal year of strong double-digit growth, during which we set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro environment,” said Luca Maestri, Apple’s CFO.

Apple’s board of directors has declared a cash dividend of $0.22 per share, which is payable on November 11, 2021 to shareholders as of November 8, 2021.

AAPL closed Thursday’s trading at $152.57, up $3.72 or 2.50%, on the Nasdaq. The stock, however, slipped $5.57 or 3.65% in the after-hours trading.

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