Apple sales fall less than expected, beating Wall Street estimates
IPhone maker's shares jump in aftermarket trading
Payne Capital Management President Ryan Payne discusses the challenges Apple is facing on ‘Varney & Co.’
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. | 228.02 | +3.02 | +1.34% |
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.