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Consumer electronics giant Apple (AAPL) late Thursday beat Wall Street’s target for earnings its fiscal third quarter while matching views for sales. Apple stock fell in extended trading.
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The Cupertino, Calif.-based company earned $1.26 a share on sales of $81.8 billion for the quarter ended July 1. Analysts polled by FactSet had expected Apple earnings of $1.20 a share on sales of $81.8 billion. On a year-over-year basis, Apple earnings increased 5% while sales dropped 1%.
Apple’s results marked its third quarter in a row of declining sales. However, earnings returned to growth after two consecutive quarters of flat or declining profits.
“Our June quarter year-over-year business performance improved from the March quarter,” Chief Financial Officer Luca Maestri said in a news release. “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.”
Apple Stock Retreats After Report
In after-hours trading on the stock market today, Apple stock sank 1.5% to 188.39. During the regular session Thursday, Apple stock dipped 0.7% to close at 191.17.
In the June quarter, Apple’s hardware sales fell 4.4% year over year to $60.58 billion while its services revenue rose 8.2% to $21.21 billion.
Apple’s iPhone revenue declined 2% to $39.67 billion and accounted for 48% of the company’s total sales.
Meanwhile, Apple’s Mac computer sales fell 7% to $6.84 billion. And its iPad tablet sales slid nearly 20% to $5.79 billion.
On a bright note, revenue from Apple’s wearables, home and accessories unit rose 2% to $8.28 billion in the June quarter.
Apple stock is on the IBD Tech Leaders list.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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