Apple's fiscal Q4 revenue rises 12% to $114.5 billion, China sales miss estimates
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Apple reported slower sales growth for its September quarter, with revenue rising 12% to $114.5 billion, slightly above analyst estimates of $113.5 billion but below the company's own guidance range of 9% to 11% growth and down from 16% growth in the June quarter. China revenue missed expectations. The results mark the first earnings report under new CEO John Ternus, who took over on September 1 and led the final month of the quarter. Apple broke with tradition by not updating its standard iPhone in September, and supply shortages left inventory constrained. The company also faces a decelerating services business and challenges catching up in artificial intelligence. Shares fell 1% after hours, though they remain up 24% year to date. Ternus subsequently introduced a foldable iPhone Duo, a touchscreen MacBook Pro, and a HomeView hub, all launching in the current quarter ending December. Wall Street is watching for guidance on holiday sales and when supply will meet demand.
Source report
Apple reported slowing sales growth in its September quarter, with revenue in China falling short of expectations — the first earnings report under new CEO John Ternus.
Q4 Results
For the fiscal fourth quarter ended September 26:
- Revenue: Rose 12% to $114.5 billion, versus analysts' average estimate of $113.5 billion and Apple's own guidance of 9%–11% growth
- Growth deceleration: Down from 16% growth in the June quarter
Factors Behind the Slowdown
- Apple did not update its standard iPhone in September, breaking with tradition
- Supply shortages left insufficient inventory
- The company faces a decelerating services business and is playing catch-up in artificial intelligence
Market Reaction and Leadership
- Apple shares fell 1% in after-hours trading following the results; the stock is up 24% year to date
- Ternus took over as CEO on September 1, overseeing the final month of the fiscal fourth quarter
- He subsequently introduced the foldable iPhone Duo, a touchscreen MacBook Pro, and the HomeView hub — all of which launch in the current quarter (ending December)
What to Watch
Apple typically provides revenue guidance for the current quarter on its earnings call. Wall Street is closely watching the foldable iPhone's contribution to holiday-season sales and any commentary on when supply will catch up with demand.
Source: Bloomberg
Source
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Part of this Story
Apple beats Q4 estimates on iPhone sales but misses on China revenue