Why Apple is Sliding

By Chris Lange Updated Jan 11, 3:30PM EST · Published Nov 1, 4:45PM EDT

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Why Apple is Sliding — © Nikada / Getty Images

Apple Inc. (NASDAQ: AAPL) released its most recent quarterly results after the markets closed on Thursday. The iPhone giant said that it had $2.91 in earnings per share (EPS) and $61.1 in revenue, compared with consensus estimates that called for $2.78 in EPS and $61.57 billion in revenue. The fiscal fourth quarter from last year had $2.07 in EPS and $52.58 billion in revenue.

In its most recent quarter, the firm reported its product sales as follows:

iPhone moved 46.89 million units, flat year over year. The segment pulled in revenues of $37.19 billion, an increase of 29% year over year.
iPad reported 9.70 million units sold, a decrease of 6%. Revenues decreased 15% to $4.09 billion.
Mac sold 5.30 million units, a decrease of 2% from last year. Revenues increased 3% to $7.41 billion.
Services revenues increased 17% to $9.98 billion.
Other Products revenues increased 31% to $4.23 billion.

Regarding guidance for the fiscal first quarter, the company expects to see revenues in the range of $89 billion to $93 billion and gross margin of 38.0 to 38.5% The consensus estimates call for $4.94 in EPS on $92.91 billion in revenue.

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Tim Cook, Apple’s CEO, commented:

We’re thrilled to report another record-breaking quarter that caps a tremendous fiscal 2018, the year in which we shipped our 2 billionth iOS device, celebrated the 10th anniversary of the App Store and achieved the strongest revenue and earnings in Apple’s history. Over the past two months, we’ve delivered huge advancements for our customers through new versions of iPhone, Apple Watch, iPad and Mac as well as our four operating systems, and we enter the holiday season with our strongest lineup of products and services ever.

Shares of Apple closed Thursday at $222.22, with a 52-week range of $150.24 to $233.47. The stock has a consensus analyst price target of $239.75. Following the announcement, the stock was down over 3% at $214.51 in the after-hours trading session.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.