American tech giant Apple unveiled its earnings report for the quarter ends on the 28th of September. The company beats the previously estimated number by a reasonable margin. The service and wearable segment show a strong performance in the quarter. The earnings report has a good impact on the stocks of Apple, as the stock rose by 1% in the early hours of trading. The firm is expecting massive growth during the holiday quarter.
Though the iPhone business is down by 9%, the overall performance of the company remains good. The company has shown better performance in most of the segments, in comparison to Refinitiv expectation.
The firm’s revenue during the quarter stands at 64 billion USD against the estimated 62.99 billion USD. The per-share earnings were 3.03 USD against the expected 2.84 USD. Though the iPhone revenue falls by 9% than the previous year, it still beats the expected number. Refinitiv estimated 32.42 billion revenue from the iPhone, while the company earned 33.36 billion USD.
The biggest surprise came from the services sector. As Apple is new to this sector and desperately wants to make a footprint- the company will be happy with its performance. The company earned 12.51 billion USD against the estimated number of 12.15 billion USD.