Apple Q1 Earnings Beat Estimates As Cupertino Snaps 4-Quarter Revenue Decline Streak; Stock Slides On China Weakness (UPDATED)
Portfolio Pulse from Shanthi Rexaline
Apple, Inc. (AAPL) reported Q1 earnings of $2.18 per share and revenue of $119.6 billion, surpassing Street expectations and ending a four-quarter revenue decline streak. The growth was driven by record Services and iPhone revenues. Despite the positive results, AAPL's stock declined in after-hours trading due to revenue weakness in China. The company also announced a cash dividend of 24 cents per share.
February 01, 2024 | 9:46 pm
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Apple reported higher-than-expected Q1 earnings and revenue, driven by record Services and iPhone sales, but faced a stock decline due to China's revenue weakness.
Despite Apple's strong Q1 performance, the stock's short-term price is likely to be negatively impacted by the revenue weakness in China, a significant market for Apple. The announcement of a cash dividend may provide some offsetting positive sentiment, but concerns over China's market performance are likely to weigh more heavily in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100