In the results of Apple’s recent Q3 reports show that the shares of the tech giant have fallen by 5.6% in spite of the overall earnings/sales surpassing expectations of Wall Street.
As of Thursday, it was reported by the tech giant that they had reached $64.7 billion USD in sales. That surpasses the projections of the company’s analysts that speculated the company would only reach $63.5 billion USD. The earnings per share then were at 73 cents, again surpassing speculations, however, the share price of Apple plummeted anyway. This was primarily caused by a 29% drop in Greater China’s revenue, which is one of Apple’s most crucial markets.
As customers began anticipating the next-gen releases from Apple, sales of iPhones dropped by 21%. As a result, Luca Maestri, CFO of Apple stated that he predicts that the iPhone 12 Pro Max to have sales that are “incredibly well” in the Grater Chinese market. Meanwhile Apple CEO Tim Cook stated that the responses to the various upcoming iPhone 12 and its accompanying models have been “tremendously positive”
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