Apple reported second-fiscal quarter earnings on Thursday that beat Wall Street’s soft expectations, driven by stronger-than-anticipated iPhones sales. Apple CEO Tim Cook told CNBC that the quarter was “better than we expected.”
However, Apple’s overall sales fell for the second quarter in a row. The tech giant’s shares rose nearly 2% in extended trading, and continued climbing when Apple gave forecast data points about the current quarter.
Here’s how the company did versus Wall Street expectations per Refinitiv consensus expectations:
EPS: $1.52 per share vs. $1.43 expected
Revenue: $94.84 billion vs. $92.96 billion expected
Gross margin: 44.3% vs. 44.1% expected
Apple reported $24.16 billion in net income during the quarter compared to $25.01 billion in the year-earlier period. Total revenue was off 3% from $97.28 billion in the prior quarter.
Here’s how Apple’s individual product lines did versus StreetAccount consensus expectations:
iPhone revenue: $51.33 billion vs. $48.84 billion expected
Mac revenue: $7.17 billion vs. $7.80 billion expected
iPad revenue: $6.67 billion vs. $6.69 billion expected
Other Products revenue: $8.76 billion vs. $8.43 billion expected
Services revenue: $20.91 billion vs. $20.97 billion expected
Apple didn’t provide formal guidance, continuing its practice that dates back to 2020 and the start of the Covid-19 pandemic. Management typically provides some data points on a call with analysts.
Apple finance chief Luca Maestri said the company expects overall revenue in the current quarter to decline about 3%.
