Apple CEO touts strong iPhone 17 demand ahead
Investing.com-- Apple Chief Executive Tim Cook said strong iPhone growth in the tech giant’s current quarter would boost revenue by double digits.
Shares of Apple (NASDAQ: AAPL) slipped below the flatline in early U.S. trading.
The upbeat outlook for the crucial holiday shopping period came after the tech giant delivered fiscal fourth-quarter results which beat Wall Street estimates even as iPhone sales missed estimates amid softness in China.
Apple reported earnings of $1.85 per share on revenue of $102.5 billion. Analysts polled by Investing.com had anticipated EPS of $1.76 on revenue of $1.02 billion.
IPhone sales, which account for nearly half of total revenue, rose to $49.03 billion in its September quarter from $46.22 billion a year earlier, but still fell short of estimates of $50.19 billion due in part to supply constraints. Apple’s sales in Greater China were also down to $14.49 billion from $15.03 billion in the prior-year quarter.
Still, Cook gave a more bullish forecast to analysts, forecasting that solid demand for its latest iPhone 17 model would help drive overall revenue growth of 10% to 12% year-on-year.
"We expect that that would make the December quarter the best ever in the history of the company,” Cook told CNBC’s Steve Kovach.
The high-margin services segment grew revenue surge 15% to a an all-time peak of $28.75 billion, beating Wall Street estimates of $28.17 billion.