Apple's Profits Beat Expectations Despite The Drop In Iphone Sales

U S tech giant Apple announced on Thursday revenues and profits that exceeded Wall Street expectations as it continued a boom in its sales of Mac computers and accessories such as AirPods, which helped offset a drop in iPhone sales.

The Cupertino, California-based company said revenues and profits for the fourth quarter of its fiscal year ending on September 26 were $ 64.7 billion and 73 cents per share, compared with analyst estimates of $ 63.7 billion and 70 cents

Phone sales fell 20.7 percent to $ 26.4 billion, a drop more sharply than analysts’ expectations, which were pointing to a 16.2 percent decline.

Apple said that its revenue from the accessories segment jumped 20.8 percent to $ 7.9 billion, while analysts had estimated an increase of 13.5 percent to $ 7.4 billion.

Mac and iPad sales rose to $ 9.0 billion and $ 6.8 billion, compared to estimates of $ 7.92 billion and $ 6.12 billion

 

SOURCE KUWAITOFFERINGS

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