Apple has reported its latest quarterly earnings. First thing to know is that this is Apple’s first drop in annual revenue since 2001 but overall earnings beat expectations. It’s also expecting a really strong iPhone 7 sale this holiday especially when the other major competition from Samsung won’t be on sale this holiday.
They reported earnings of $1.67 per share versus $1.66 expected. Revenues stood at $46.90 billion versus $46.94 billion expected. Apple shares were down about 2 percent at the time of reporting.
With respect to the number of iPhones sold in the quarter, they reported a sale of 45.5 million units versus 44.8 million units expected. Even with the slight increase, Apple phone shipments still fell 5 percent
Well that said, Apple expects a better next quarter on strong iPhone 7 sales. In a statement earlier today, Apple CEO Tim Cook said “We couldn’t be more excited about the customer response to the iPhone 7 and the iPhone 7 Plus,”
Apple expects revenue of $76b-$78b versus $74.9b at $3.21 per share expected.