Apple faced a 3% dip in after-hours trading due to lower holiday quarter sales projections, mainly because of weak demand for iPads and wearables.
CEO Tim Cook, while acknowledging challenges, highlighted the success of the new iPhone 15 models in China. The fiscal fourth quarter saw a 2.5% dip in Chinese revenue, which turned positive when considering exchange rates.
Chief Financial Officer Luca Maestri‘s announcement of sales resembling last year’s figures fell short of Wall Street’s more optimistic projection.
Apple slightly exceeded Wall Street expectations in the fiscal fourth quarter, with increased iPhone sales and a boost in services revenue.
Apple’s sales reached around $89.50 billion, edging past the expected $89.28 billion. Nevertheless, the company grappled with supply limitations for its top-tier iPhone 15 Pro and Pro Max models.
To convert the amount to Philippines Peso, considering the exchange rate at the time, the sales would be roughly equivalent to approximately 4.5 trillion PHP.
Despite challenges, Apple maintains optimism and foresees growth in December quarter iPhone sales. The company’s solid financial standing, evident in its market capitalization and Price-to-Earnings Ratio, reflects investor confidence.
Additionally, Apple’s commitment to share repurchases and dividend payments underscores its financial stability and efficiency in generating earnings.