Apple announced earnings that beat market expectations after the market close on the 30th (local time), but its stock price fell more than 7% in after-hours trading.
Apple reported that adjusted earnings per share (EPS) for the third quarter of its fiscal year (April to June this year) totaled $2.02, surpassing the analyst consensus estimate of $1.89 surveyed by FactSet. This adjusted EPS includes a tariff refund of 11 cents per share.
Revenue for the same period increased by 16.4% year-on-year to $109.4 billion, slightly exceeding analysts' forecast of $109 billion.
iPhone revenue during this period reached $54.3 billion, up 22% from the same period last year, surpassing the market forecast of $53.7 billion.
In contrast, service revenue rose 12% year-on-year to $30.7 billion, falling short of analysts' forecast of $31.4 billion.
Apple stated that operating expenses for the third quarter of its fiscal year surged by 32% to $11.7 billion.
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