Apple fell on Friday following fiscal fourth quarter earnings release which saw Apple’s iPhone revenue fell slightly below analysts’ expectations, although other business segments like services and wearables continued to show strong growth.
Apple fell as much as 6.12% on Friday despite beating quarterly revenue and profit estimates.
At 5:37GMT on Friday, Apple stood at $108.21 per share.
Apple closed at $115.32 per share on Thursday, up about 48% year-to-date.
Read also: US economy returns to growth, GDP surges by highest ever record
U.S Market continues to slide on Friday with Dow Jones losing 1.70%, S&P 500 is down by 2.06% NASDAQ 100 down 3.22% at 5:37GMT
The company has 77 “buy” ratings, 20 “hold” ratings, and three “sell” ratings from analysts according to Business Insider.
Earnings summary
- Q4 2020 revenue: $64.7 billion. Apple posted $64 billion in the same period in 2019
- Q4 2020 earnings per share: $0.73. ($0.71 in fiscal Q4 2019 – adjusted after its 4-for-1 stock split).
- iPhone revenue: $26.4 billion. ($33.36 billion in Q4 2019).
- Services revenue: $14.5 billion. ($12.5 billion in the same period last year).
- Wearables revenue: $7.8 billion. The wearables, home, and accessories unit reached $6.5 billion in Q4 2019.
iPhone revenue missed the mark. Apple’s new 5G-capable lineup hit shelves roughly one month later than usual, ensuring that iPhone 12 sales will first show up in its next quarterly report.
Wall Street is still most concerned with how the iPhone 12 is performing so far. Apple provided some vague clues about this even though it did not offer revenue guidance for its fiscal first quarter of 2021.
The lack of forward guidance marks the third-straight quarter Apple has refrained from providing official forecasts due to the pandemic.
By; Ifunanya Ikueze
