Apple posts quarterly revenue decline; iPhone sales solid

Apple once again posted an, until now, rare revenue decline in its latest fiscal quarter, but said its overall business improved from the December quarter and sales of its iPhones were solid.

The results reported Thursday were better than Wall Street’s muted expectations and Apple’s stock inched higher in after-hours trading.

The latest numbers come after the Cupertino, California, company in February posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season.

Apple earned $24.16 billion, or $1.52 per share, in the three-month period that ended April 1. That was down slightly from $25.01 billion, also $1.52 per share, a year earlier.

Revenue fell 3% to $94.84 billion from $97.28 billion.

Analysts, on average, were expecting earnings of $1.43 per share on revenue of $92.91 billion, according to a poll by FactSet.

Apple said iPhone sales brought in $51.33 billion in revenue in the first quarter. Analysts expected a more modest $48.66 billion. Revenue in its key services division was $20.91 billion, slightly above Wall Street’s estimates of $20.66 billion.

The company said its board has also approved a $90 billion share buyback program and raised its regular quarterly dividend.

Shares of the Cupertino, California-based company climbed $1.93 to $167.72 in after-hours trading.

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