After releasing its third quarter results, Apple shares fell 5.6% despite overall sales and earnings per share exceeding Wall Street expectations.
On Thursday, the tech giant reported revenue of $ 64.7 billion, better than analysts’ projection of $ 63.5 billion. Earnings per share were 73 cents, also beating expectations, but the California company’s share price nonetheless fell, largely due to a 29% drop in earnings from Greater China, the one of the most important markets for the Californian company.
IPhone sales also fell 21% in the last quarter as consumers began to anticipate the next generation of releases. In response to the results, Apple CFO Luca Maestri said he expects the iPhone 12 Pro Max to sell “incredibly well” in Greater China to drive growth over the course of the year. December quarter, while CEO Tim Cook reassured that the response to the latest iPhone 12 models and various other new products has been “overwhelmingly positive.”
Elsewhere in business news, Netflix stock price surged after US price hike news