Shares Up 3% Despite Q1 Miss, iPhone Sales Drop
<p><a href='https://financialmodelingprep.com/financial-summary/AAPL'>Apple Inc. (NASDAQ:AAPL)</a> shares rose more than 3% intra-day on Friday despite the company reporting a Q1 miss driven by weaker iPhone sales. </p>
<p>Q1 EPS was $1.88, worse than the Street estimate of $1.94. Revenue dropped 5% to $117.2 billion, missing the Street estimate of $121.88 billion. This was the biggest quarterly revenue decline since 2016. iPhone sales fell 8% to $65.78 billion.</p>
<p>Q2 outlook is for revenue to be down 5% year-over-year, worse than Street's estimate at flat year-over-year. The company’s expectation that iPhone year-over-year revenue growth will accelerate (including recapturing some revenue loss in Q1) is particularly encouraging given one less week in Q2 than in Q1 and in a tough macro environment. </p>
<p>For the Services business, active device installed base, paid subscriptions, transactional and paid accounts are trending positively and are good leading indicators for the growth of the business.</p>

NASDAQ:AAPL