{"id":26075,"date":"2016-01-26T18:31:42","date_gmt":"2016-01-27T00:31:42","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=26075"},"modified":"2016-01-26T18:31:42","modified_gmt":"2016-01-27T00:31:42","slug":"apple-offers-downbeat-sales-forecast","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/apple-offers-downbeat-sales-forecast\/","title":{"rendered":"Apple offers downbeat sales forecast"},"content":{"rendered":"

By Xuanyan Ouyang<\/strong><\/p>\n

Apple Inc. turned in stronger-than-expected first quarter results Tuesday evening, but the high-tech giant warned investors that sales will fall short of Wall Street forecast in the second period.<\/p>\n

In the quarter ended Dec. 26, Apple\u2019s net income increased by 1.9% to $18.36 billion, or $3.28 per diluted share, from $18.02 billion, or $3.06 per share.<\/p>\n

Revenues were $75.87 billion \u2013 slightly below the $76.59 billion analysts surveyed by Yahoo Finance had been expecting, and up a modest 1.8 percent from $74.60 billion a year ago.
\n<\/p>\n

\u201cOur team delivered Apple\u2019s biggest quarter ever, thanks to the world\u2019s most innovative products and all-time record sales of iPhone, Apple Watch and Apple TV,\u201d Tim Cook, Apple\u2019s Chief Executive Officer, said in a prepared release.<\/p>\n

Apple\u2019s per share earnings landed 5 cents above the $3.23 analysts had forecast. The 7.2% rise in per-share earnings, much bigger than the 1.9 percent rise in overall profit, reflected a drop in diluted shares outstanding to 5.59 billion from 5.88 billion a year ago.<\/p>\n

Wall Street has been expecting Apple to report sales in the second quarter of $55.64 billion. But on Tuesday the company said it now expects second quarter revenue of \u201cbetween $50 billion and $53 billion.\u201d<\/p>\n

In recent months, the Silicon Valley giant has been facing doubt from investors worried that Apple\u2019s hypergrowth will slow down. As a result, its stock price has dipped by 12.7 percent in the last three months. The company\u2019s shares closed up 55 cents Tuesday, at $99.99.\u00a0\u00a0 Apple disclosed its earnings after the market\u2019s close; in after-market trading the company\u2019s shares were down $2.83, or 2.8 percent.<\/p>\n

Analysts say that the slowing global market, especially the cooling economy in China, has brought a halt to Apple\u2019s record history of increasing iPhone sales year-over-year since the smartphone\u2019s debut in 2007.<\/p>\n

Apple\u2019s revenue relies on the sales of iPhones substantially: Fully 66 percent of sales were from iPhones in fiscal year 2015, according to the company\u2019s 10-K filing.<\/p>\n

Much of that product’s sales growth has come from what Apple calls \u201cGreater China\u201d: Apple\u2019s 10-K annual report showed that total annual sales in the region jumped 84 percent $58.72 billion.<\/p>\n

Along with the recent reported slowdown of growth in China, competitors\u2019 aggressive price-cutting has also squeezed Apple\u2019s sales growth.<\/p>\n

Photo at top: The Apple store on N. Michigan Ave. in Chicago.(Xuanyan Ouyang\/Medill)<\/div>\n","protected":false},"excerpt":{"rendered":"

By Xuanyan Ouyang Apple Inc. turned in stronger-than-expected first quarter results Tuesday evening, but the high-tech giant warned investors that sales will fall short of Wall Street forecast in the second period. In the quarter ended Dec. 26, Apple\u2019s net income increased by 1.9% to $18.36 billion, or $3.28 per diluted share, from $18.02 billion, […]<\/p>\n","protected":false},"author":202,"featured_media":26090,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,585],"tags":[972,973],"class_list":["post-26075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-winter-2016","tag-apple-inc","tag-iphone-sales"],"yoast_head":"\nApple offers downbeat sales forecast - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/apple-offers-downbeat-sales-forecast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Apple offers downbeat sales forecast - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Xuanyan Ouyang Apple Inc. turned in stronger-than-expected first quarter results Tuesday evening, but the high-tech giant warned investors that sales will fall short of Wall Street forecast in the second period. 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