While the plunge in Twitter share moments ago put those looking forward to AAPL’s earnings on edge, Tim Cook delivered, beating on both the top and bottom line, reporting Q3 revenue of $42.4 billion, which declined 15% but above the $42.1 billion expected as a result of better than expected iPhone sales, with the company selling 40.4 million units in the quarter, down 15% but also above the 39.9 million expected.
Helping the bulls, Apple said demand for the iPhone was getting stronger and that the decline in sales of its flagship device has passed the ‘low point’
Still, despite the beat Apple reported a decline in sales and profit lower by 27% Y/Y as a result of a 33% plunge in China sales, while forecasting a third straight quarterly revenue drop, dragged down by slowing demand for iPhones amid a lackluster global smartphone market and intensifying competition in China.
This post was published at Zero Hedge on Jul 26, 2016.
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