Apple shares fall 1% on the stock market despite exceeding revenue expectations By Investing.com

By Ileana García Mora

Investing.com – Despite Apple (NASDAQ 🙂 exceeding revenue and profit expectations by presenting its second quarter 2020 results this Thursday, April 30, the company experienced a 7% drop in iPhone sales revenue .

After its confession to the market, the shares of the technology fell more than 1% in post-closing operations, to trade at $ 290.

On Thursday afternoon, Apple announced a profit per share (EPS) $ 2.55 and a turnover of $ 58.31 billion, both results above what was expected by analysts, who estimated a EPS of $ 2.21 and revenues of $ 54,990 million.

The figures that tarnish these results are the sales of what for many years was its star product. Apple sold $ 28,962 million in Iphones at the end of March, representing 7.2% less than the same period in 2019, when it sold $ 31,051 million, according to the report this afternoon.

“Despite the unprecedented global impact of Covid-19, we are proud to report that Apple grew during the quarter, driven by a record high for Services and a quarterly record for wearables,” said Tim Cook, Apple’s CEO.

“In this challenging environment, our users depend on Apple products to stay connected, informed, creative, and productive. We are motivated and inspired to continue to not only meet these needs in innovative ways, but also to continue to contribute to the global response, from the tens of millions of personalized face masks and face shields that we have sent to medical professionals around the world, ” Cook said.

Revenue from services, which have become a key of great value for Apple given the increasing saturation of the global smartphone market, was 13,348 million between January and March 2020, a figure 14% higher than that reported in the same period of 2019, which was $ 11.45 billion.