SAN FRANCISCO, NOV 1 – Apple reported earnings yesterday that beat analysts’ expectations, sending shares lower in after-hours trading even as the company enjoyed a boost from iPhone sales.
The tech giant saw quarterly revenue of US$94.9 billion in the three months ended Sept. 28, up from the same period last year, in a closely watched report as investors sought to anticipate demand for its latest iPhone.
However, revenue in China showed weakness – where it fell slightly from the same period last year to US$15 billion.
The United States (US) remains Apple’s largest market with revenues of US$41.7 billion, while Europe shows strong growth at US$24.9 billion.
Overall, Apple barely exceeded analyst projections, while the other four tech giants that published this week easily passed the bar set by the market.
This sent shares of Apple, the world’s most valuable trading company, down two percent in extended trading after the results were announced.
The quarter’s results were significantly affected by the ruling of the Court of Justice of the European Union (EU) regarding the company’s tax affairs in Europe.
This led to a delay in the payment of tax charges of US$10.2 billion, representing US$15.8 billion payable to Ireland, partially offset by US tax credits.
Apple’s iPhone sales reached US$46.2 billion, compared to expectations of US$45.2 billion for the company’s flagship product. – AFP
