Apple has presented some bittersweet results for the markets, full of fine print. The firm led by Tim Cook has beaten expectations in income and profits and its main stronghold, the iPhone, has grown more than expected. In return, the firm has disappointed in all other devices and has continued to record a drop in sales in Chinashowing weaknesses that the markets have received with concern.
Specifically, the firm has recorded revenues of 94,930 million dollars, 6% more than the previous quarter, beating the 94,580 estimated by the average of analysts. Profits, for their part, were $1.64 per share, which is equivalent to $14.73 billion, beating the $1.60 estimate. ANDThis figure includes the payment of 10.2 billion to Ireland by an EU ruling. Without that fine, profits would have risen 12% year-on-year.
The star of its sales, the iPhone, grew more than expected, 6%, in a sign that the iPhone 16 is succeeding. Its income reached 46,220 million, compared to the 45,470 million that analysts calculated. But the good news ends there. Both the Mac, the iPad, services and the rest of the products fell below the market consensus in revenue. All this despite the fact that services grew by 12% year-on-year and that the iPad grew by 8%, although with fine print: sales from the previous year were disappointing as no new version was released in all of 2023.
The other key thing the markets were looking at was China. Sales of 15.8 billion dollars were expected there, but in reality they have remained at 15.03 billion. a new year-on-year drop. The trade war between China and the US continues to haunt the apple firm, and the slight boycott by the Beijing Government is slowing its growth in one of its main markets.
In the presentation of results, Cook assured that he is looking forward to launching Apple Intelligence, the AI application for iPhones and Macs as part of the iOS 18.1 update. According to Cook “it is a rising star: users are adopting 18.1 at twice the speed of the 17.1 update.”
Analysts had put a magnifying glass on the Cupertino firm: its expectations of remaining the most valuable firm in the world depended on satisfying the markets. These results have calmed fears that iPhone 16 sales were not meeting expectations, but they seem to have raised as many doubts as certainties.
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