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Yahoo BusinessOct 30, 2020
Apple Shares Decline After iPhone Sales Miss, China Drops 29%
(Bloomberg) -- Apple Inc. shares fell 4.5% in early trading on Friday, the day after it reported iPhone sales that missed Wall Street estimates and said revenue in China slumped.The company gave no forecast for the key holiday quarter, disappointing some analysts who were hoping for guidance. However, Chief Executive Officer Tim Cook said the new iPhone 12 line has been well received. Sales of Macs and Services also reached all-time highs in the fiscal fourth quarter.The Cupertino, California-based technology giant on Thursday said sales in the three months ending Sept. 26 came in at $64.7 billion. That beat analysts' estimates of $63.5 billion, according to data compiled by Bloomberg. Earnings were 73 cents a share, also topping Wall Street expectations.Sales of the iPhone fell 21% on anticipation of the new models, which arrived later than usual this year. Cook said the response to the 5G iPhone lineup and other new devices has been "tremendously positive."Read more: Apple IPhone 12 5G Line Wins Praise for Lower Prices, New SizesIn Greater China, one of the company's most important regions, revenue fell 29% to $7.9 billion, the lowest since 2014. Products beyond the iPhone grew double digits in China, Luca Maestri, Apple's chief financial officer, said in an interview with Bloomberg Television. He expects the iPhone 12 Pro Max with its larger screen to do "incredibly well" in the region and that the company is confident about growing there in the December quarter.Apple shares declined 4.5% to $110.15 i
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