(Bloomberg) — Apple Inc. shares fell as much as 5.6% Friday after the company reported iPhone sales that missed Wall Street estimates and said revenue in China slumped.
The company gave no forecast for the key holiday quarter, disappointing some analysts who were hoping for guidance. However, Chief Executive Officer Tim Cook said the new iPhone 12 line has been well received. Sales of Macs and Services also reached all-time highs in the fiscal fourth quarter.
The Cupertino, California-based technology giant on Thursday said sales in the three months ending Sept. 26 came in at $64.7 billion. That beat analysts’ estimates of $63.5 billion, according to data compiled by Bloomberg. Earnings were 73 cents a share, also topping Wall Street expectations.
Sales of the iPhone fell 21% on anticipation of the new models, which arrived later than usual this year. Cook said the response to the 5G iPhone