Apple provided a sales forecast for the holiday sales quarter that missed Wall Street expectations.
- Chief Financial Officer Luca Maestri stated that sales for the current quarter are expected to be similar to the previous year, contrary to Wall Street's expectation of a 4.97% increase to $122.98 billion.
- Apple shares fell 3.6% in after-hours trading in response to the forecast.
- Apple reported quarterly sales and profit that beat Wall Street expectations, driven by increased iPhone sales and a $1 billion boost in services revenue, offsetting declines in Mac and iPad sales.
- Revenue from China dipped by 2.5%, and supply constraints were noted for the iPhone 15 Pro and Pro Max devices.
- Despite global smartphone challenges, Apple's sales in China saw growth, driven by iPhone sales and services revenue.
- Apple is working on manufacturing more iPhone 15 Pro and Pro Max devices to meet demand.
- The smartphone market is expected to recover in 2024, benefiting Apple in the long term.
- Apple is focusing on generative artificial intelligence to enhance its products.
- iPhone sales remain strong, with $43.81 billion in sales for the fourth quarter.
- Mac and iPad sales declined, as did sales in the wearables segment, which includes Apple Watch and AirPods.
- Apple's services segment, including Apple TV+, experienced a 16% rise in revenue.
