Apple Q3 results tops estimates as services growth offsets softer iPhone sales

Investing.comAug 1, 2024 9:08 PM

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Investing.com - Apple reported Thursday third-quarter results that topped Wall Street estimates, as a jump in services revenue helped offset softer iPhone revenue amid rising competition in China.

Apple Inc (NASDAQ:AAPL) was flat in afterhours trading following the report.

The company reported Q3 earnings of $1.40 per share on revenue of $85.8 billion. Analysts polled by Investing.com had anticipated EPS of $1.35 on revenue of $84.45B.

Revenue rose 5% as services revenue helped offset slight decline in iPhone revenue.

Sales of its flagship iPhone handset device, which still makes up nearly half of total revenue, fell to $39.30B from $39.67B a year earlier, but beat estimates of $38.81B.

Services revenue rose 14% to record high of $24.21B, beating Wall Street estimates of $24.01B.

Sales in China fell 6.5% to $14.72B as the iPhone has been facing rising competition in the region from local smartphone makers including Huawei.

The earnings call will dominate investor attention, with investors keen for details on guidance and Apple Intelligence.

"Overall numbers are ahead of expectations focus will be on GUIDE and Apple Intelligence commentary on the call but better China and stronger GMs are both better vs. buyside expectations," Evercore ISI said in a note following the results.

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