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January 29, 2019 11:30 pm

Apple Says Profits Were Flat, Citing Slump In China

Due to an economic slowdown in China and diminishing demand for new iPhones, Apple's profits in its most recent quarter were flat compared with a year earlier. "The disappointing financial performance had been expected since Jan. 2, when Apple, for the first time in 16 years, revised its forecast for the quarter," reports The New York Times. "But the announcement on Tuesday indicates a difficult road head for Apple, which just five months ago became the first company to be worth more than $1 trillion. The company said it expected between $55 billion and $59 billion in revenue in the current quarter, just below analysts' expectations for $59 billion. Apple's earnings per share were $4.18, beating analysts' expectations by a penny." In addition to the quarterly earnings, Apple reported revenue of $84.3 billion, a decline of 5 percent from one year ago. "Revenue from iPhone declined 15 percent from the prior year, while total revenue from all other products and services grew 19 percent," Apple said in a press release. Analysts had estimated revenue of $83.97 billion and earnings of $4.17 per share. "While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter's results demonstrate that the underlying strength of our business runs deep and wide," said Tim Cook. Apple's active install base of 1.4 billion is "a great testament to the satisfaction and loyalty of our customers, and it's driving our services business to new records thanks to our large and fast-growing ecosystem," Cook said. The Verge adds: "iPhones account for 900 million of those devices. iPad revenues were up 17 percent against the year-ago quarter; Mac was up 9 percent; and Wearables/Home/Accessories were up by 33 percent."

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