Apple opens new chapter amid weakening iPhone demand
30 January, 2019, 05:09 | Author: Mary Valdez
The WSJ said that Apple's hard month began when it cut its sales guidance for the first time in more than 15 years, projecting revenue would come in at least $5 billion lower than expected. Sales of the iPhone fell by 15pc, with much of the drop due to waning demand for its products in China.
The tech giant's earnings per share and revenue did beat analyst estimates. As iPhone sales failed to reach Apple's expectations during the holidays, the company turned to trade-in programs aimed at helping reduce the upfront cost of the iPhone.
Apple unveiled its earnings for Q1 2019 this afternoon and as expected, total revenue came in a lot lower than Apple originally predicted at the end of a year ago, with iPhone sales dropping 15%. Analysts, meanwhile, were anticipating revenue to fall in the $84 billion range with EPS somewhere around $4.17.
iPhone business. As for iPhone-specific revenue, the company reported roughly $52 billion for the quarter, down from roughly $61 billion in the year-ago quarter.
Apple is banking that investors will realize the company can still reap huge profits by selling various services on the 1.4 billion devices running on its software.
The company's Services segment, which includes Apple Music and iCloud, posted revenue of $10.9 billion. What's more, seeing as how iPhone releases have been staggered over the past two years, year-over-year quarterly comparisons are far less instructive than in years past.
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Wearables revenue of $7.31bn was up significantly from $5.49bn in the year-ago quarter. The grim news comes just weeks after it surprisingly slashed its revenue forecast for the December quarter. The street was looking for $5.9 billion, and Apple reported $6.729 billion.
For today, at least, Apple was rewarded for beating its earlier estimate, as share price jumped 6 per cent in after-hours trading to $164.27.
Apple really isn't selling as many iPhones. Analysts are expecting revenue of $58.99 billion. Considering the currency situation, etc.it's a strong guidance. "Most of the shortfall relative to our original guidance, and over 100 per cent of our worldwide year-over-year decline was driven by our performance in Greater China".
Cook rattled Wall Street in early January by disclosing the company had missed its own revenue projections for the first time in 15 years. "And I think if you were to graph up trade tension it's clearly less in January than it was in December", Cook told Reuters.
It figures to be an uphill battle, given Apple's stock has lost one-third of its value in less than four months, erasing about $370 billion in shareholder wealth.
Despite all that, CEO Tim Cook looked to put the best possible spin on Apple's results, noting the company saw record highs in revenue for its Mac and wearables business. iPad revenue was up 17 percent for the quarter, the best rate for its tablets in six years.
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