"Apple Inc. projected a jump in sales over the holiday season after releasing new iPhones and worked to reassure investors concerned about a decline in revenue from China. Sales in the fiscal first quarter, which runs through December, will rise by 10% to 12%, Chief Financial Officer Kevan Parekh said during a conference call with analysts Thursday. Analysts had predicted 6% on average. The period is expected to be our best iPhone quarter ever, he said."
"Apple is navigating its way through a range of global challenges, including trade tensions, weakness in China and delays developing artificial intelligence features. Revenue from greater China fell 3.6% to $14.5 billion last quarter, well short of the $16.4 billion that analysts projected. The company faces mounting competition from local smartphone providers and has struggled to offer artificial intelligence features in the country. Still, Chief Executive Officer Tim Cook said he believes Apple will return to growth in the region during the current quarter."
Apple projects fiscal first-quarter sales to rise 10–12%, led by new iPhone models including an ultrathin Air variant and expecting the best iPhone quarter ever. Revenue from greater China fell 3.6% to $14.5 billion, underperforming the $16.4 billion analysts expected amid local competition and challenges delivering AI features. Fiscal fourth-quarter sales rose 7.9% to $102.5 billion and earnings reached $1.85 per share, topping estimates. Stronger services growth and better-than-expected Mac and wearables performance helped offset the China slowdown. Tariffs added $1.1 billion in quarterly expenses, with $1.4 billion expected in the December period.
Read at www.mercurynews.com
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