Apple Shares Rise Despite Poor iPhone Sales

Apple shares rose nearly 6% during after-hours trading, as the market was expecting far worse than the 15% fall in iPhone sales

Abhinav Davuluri 30 January, 2019 | 9:55AM

Apple revenue forecast cut iPhone sales

Apple (AAPL)’s first-quarter results were in line with the firm’s shock guidance from January 2, when CEO Tim Cook forecast lower revenues due to a drop in iPhone, Mac, and iPad sales in China. Positively, non-iPhone segments; services, Mac, iPad, and wearables and accessories, grew 19% year over year led by stellar services and wearables sales growth.

After factoring in near-term iPhone headwinds in China and emerging markets, management’s outlook for the second quarter was relatively consistent with our expectations. Shares rose nearly 6% during after-hours trading, as we believe the market was expecting far worse. 

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Apple Inc262.47 USD8.72

About Author

Abhinav Davuluri  is a Senior Equity Analyst for Morningstar

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