Q4 results from Apple
Here are the highlights for the iPeople:
- Sees Q1 revenue $75.5B-$77.5B versus $77.1B est
- Q4 revenue $51.5B vs $51.08B exp
- iPads sold 9.88m vs 10.2m in Q3
- iPhones sold 48.05m vs 48.5m exp
- Mac sales 5.7m vs 4.8m in Q3
- 'Other products' (which includes watch) 3.05B revenue vs 2.64B in prior quarter
- China sales $12.52B vs $13.23B in Q3
- Gross margin 39.9% vs 39.3% exp
Looks like a disappointment at first blush. They beat on EPS but the market has been conditioned to expected better.
For the broader global macro picture, I want to highlight China sales because that's indicative of a broader slowdown in the economy. A 2-3% decline in the yuan isn't enough to account for that kind of slowdown in a '+6.9% growth' economy.
However, Apple executives said "We have not seen any signs of an economic slowdown" in China.
Despite the 'miss', the company still made $11.1 billion in the quarter and shares are up 1.9% in the after-market.
