Apple reported fiscal third-quarter results that beat Wall Street expectations for both earnings and sales, driven by stronger services sales that grew 8% on an annual basis.
Overall sales still fell 1% year over year, however, and revenue in the company’s iPhone, Mac, and iPad lines were all down from a year earlier.
Apple shares fell more than 2% in extended trading.
Here’s how Apple did versus Refinitiv consensus estimates and on a year-over-year basis:
- EPS: $1.26 vs. $1.19 estimated
- Revenue: $81.8 billion vs. $81.69 billion estimated, down 1%
- iPhone revenue: $39.67 billion vs. $39.91 billion estimated, down 2%
- Mac revenue: $6.84 billion vs. $6.62 billion estimated, down 7%
- iPad revenue: $5.79 billion vs. $6.41 billion estimated, down 20%
- Other Products revenue: $8.28 billion vs. $8.39 billion estimated, up 2%
- Services revenue: $21.21 billion vs. $20.76 billion estimated, up 8%
- Gross margin: 44.5% vs. 44.2% estimated
Apple didn’t provide official guidance. It hasn’t provided official guidance since 2020, citing uncertainty. But the tech giant did provide some data points for how it views the current quarter shaking out. The stock fell further after CFO Luca Maestri said the company expected revenue to decline in the September quarter.