Consumer electronics behemoth Apple (AAPL) said late Thursday that its fiscal third quarter profitability above Wall Street’s goal while sales came in on schedule. In late-night trade, Apple’s shares decreased.
The Cupertino, California-based business posted earnings of $1.26 per share on revenues of $81.8 billion for the three months that ended on July 1. Apple was anticipated to earn $1.20 per share on sales of $81.8 billion by analysts surveyed by FactSet. Apple’s earnings rose by 5% year over year, while its sales fell by 1%.
Chief Financial Officer Luca Maestri remarked in a news release that “Our June quarter year-over-year business performance improved from the March quarter.” In addition, extremely high operational cash flow of $26 billion was produced during the quarter, over $24 billion was distributed to shareholders, and long-term growth plans continued to receive investments.
Apple shares fell on the report. Today’s stock market had a 1.5% fall in after-hours trading to 188.39. The stock decreased 0.7% during Thursday’s regular session to settle at 191.17.
Apple’s hardware sales fell 4.4% year over year in the June quarter to $60.58 billion, but its services income increased by 8.2% to $21.21 billion.
Additionally, Apple’s iPhone revenue fell 2% to $39.67 billion, or 48% of the company’s overall revenues.
Apple’s sales of iPad tablets dropped nearly 20% to $5.79 billion, while sales of Mac computers dropped 7% to $6.84 billion.
Positively, Apple’s wearables, home, and accessories division’s revenue increased by 2% to $8.28 billion in the June quarter.