Apple sales fall less than expected, beating Wall Street estimates
IPhone maker's shares jump in aftermarket trading
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Apple, Inc. posted a year-over-year decline in revenue in its fiscal second-quarter earnings report after the bell on Thursday but still beat Wall Street's expectations.
The tech giant's sales fell 4.3% from the prior year, coming in at $90.75 billion. Analysts anticipated $90.01 billion.
The Apple logo is seen outside Bill Graham Civic Auditorium before the start of an event in San Francisco on Sept. 7, 2016. (Josh Edelson/AFP via Getty Images / Getty Images)
IPhone sales fell 10.5% to $45.96 billion, in line with expectations. Apple executives said in February the previous year's fiscal second quarter had benefited from a $5 billion surge in iPhone sales as the company caught up from supply chain snarls during pandemic lockdowns.
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Shares of Apple rose almost 3% in extended trade after the report. Apple's stock has fallen 10% so far in 2024, underperforming the S&P 500's 6% rise.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 217.90 | -5.95 | -2.66% |
Apple, Inc.
Apple also announced a share buyback of an additional $110 billion and said it is raising its quarterly dividend for the 12th year in a row.
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Reuters contributed to this report.