Apple Q3 Sneaks Past Estimates On Services Strength, But Stock Drops As iPhone, iPad Revenues Come In Light
Portfolio Pulse from Shanthi Rexaline
Apple Inc. (NASDAQ: AAPL) reported Q3 earnings per share (EPS) of $1.26 on revenue of $81.8 billion, slightly ahead of analysts' estimates. The company's services sector showed strong growth, and the number of installed active devices reached a record high. However, revenues from iPhone and iPad were lower than expected. Apple returned over $24 billion to shareholders during the quarter and announced a common stock dividend of $0.24 per share. The company's stock fell 0.66% in after-hours trading.
August 04, 2023 | 2:49 pm
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Apple's Q3 results exceeded expectations, but lower-than-expected iPhone and iPad revenues may have contributed to a drop in the company's stock price.
Apple's Q3 results were better than expected, largely due to strong growth in the services sector. However, revenues from iPhone and iPad, two of the company's key products, were lower than expected. This mixed performance may have led to uncertainty among investors, contributing to a drop in the company's stock price.
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