Apple wearables and services lift holiday outlook
October 31, 2019 - Apple posted revenue of $64 billion for its fiscal fourth quarter, beating analysts’ expectations by $1 billion. Revenue for the year reached $260.17 billion with net income of $66.25 billion.
In an interview with Reuters, Chief Executive Tim Cook said he anticipated strong sales of services and wearables, as well as “a very, very good start” for sales of the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max released last month. Cook said the forecast also reflects the company’s belief that the United States and China will resolve their trade dispute.
California-based Apple said it generated $33.36 billion in iPhone sales for its fiscal fourth quarter ended in September. The results mark the fourth straight quarter of year-over-year declining iPhone sales.
Apple said its services and accessories segments generated $12.51 billion and $6.52 billion in fourth-quarter revenue, respectively, topping analyst estimates of $12.15 billion and $6 billion. Earnings per share were $3.03 versus expectations of $2.84.
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