Apple Shares Remain Down After Company Skips Guidance on Conference Call
October 29 2020 - 6:24PM
Dow Jones News
By Dan Gallagher
As expected, Apple refrained from projecting revenue for the
December quarter on the conference call that followed the release
of its earnings.
Chief Financial Officer Luca Maestri did however say the company
expects iPhone sales to grow in the quarter relative to the same
period a year earlier, given the launch of the new devices. Wall
Street already was targeting 7% growth year over year for the
period, so that was no surprise.
Mr. Maestri added that services would still grow in the
double-digit range--which was also already baked into Wall Street's
predictions.
Hence, Apple's shares remain down 5% after hours, as investors
will likely question how confident the company is about what many
analysts have been framing as a "supercycle" in the midst of the
pandemic.
This item is part of a Wall Street Journal live coverage event.
The full stream can be found by searching P/WSJL (WSJ Live
Coverage).
(END) Dow Jones Newswires
October 29, 2020 18:09 ET (22:09 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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