Apple Beats Wall Street Expectations on Earnings


On Thursday, Apple revealed fiscal fourth-quarter profits that exceeded Wall Street estimates in terms of revenue and earnings per share.

In extended trade, Apple shares gained more than 1%.

Apple did not issue formal guidance for its first fiscal quarter, which ends in December and includes the company’s busiest sales season. It has not offered advice since 2020, citing uncertainty as the reason.

However, during the company’s results call, Apple CFO Luca Maestri provided investors with a few data points that prompted the price to fall briefly.

Apple raised sales by 8% during the quarter, and CEO Tim Cook told CNBC that if not for the strong currency, revenue would have climbed by “double digits.” In Apple’s fiscal 2022, total revenues increased by 8% to $394.3 billion.

Although Apple’s iPhone division gained revenues by more than 9% year on year, it fell short of analyst projections. Apple’s September quarter had 8 days of iPhone 14 sales. Analysts are eager to see whether Apple consumers are upgrading to more costly versions or if the new handsets are expected to continue more significant sales until Apple’s fiscal 2023.

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