- Title: Apple iPhone sales fall but beat estimates; shares slip
- Date: 26th October 2016
- Summary: CUPERTINO, CALIFORNIA, UNITED STATES (FILE) (REUTERS) VARIOUS EXTERIORS OF APPLE HEADQUARTERS
- Embargoed: 9th November 2016 23:44
- Keywords: Apple results quarter iPhone Wall Street revenue
- Location: CUPERTINO AND SAN FRANCISCO, CALIFORNIA, UNITED STATES/UNIDENTIFIED LOCATION
- City: CUPERTINO AND SAN FRANCISCO, CALIFORNIA, UNITED STATES/UNIDENTIFIED LOCATION
- Country: USA
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA00355I9S3X
- Aspect Ratio: 16:9
- Story Text: Apple posted a third quarter in a row of declining iPhone sales on Tuesday (October 25), but beat Wall Street targets for its flagship product and forecast higher-than-expected revenue for the critical holiday shopping season.
Shares of the world's most valuable publicly traded company fell 2.6 percent to $115.10 in after-hours trading.
Apple executives said demand for the new iPhone 7, the company's best hope to revive flagging sales, was strong, despite fiscal fourth-quarter revenue dips in China and the Americas, its two most important markets.
Chief Financial Officer Luca Maestri said it was "impossible to know" if there was any effect yet from rival Samsung Electronics halting production of its fire-prone Galaxy Note 7 phones earlier this month.
Apple said it sold 45.51 million iPhones in the three months ended Sept. 24, beating the average analysts' estimate of 44.8 million, according to research firm FactSet StreetAccount.
Revenue fell 9 percent to $46.85 billion, a touch behind Wall Street targets, according to Thomson Reuters I/B/E/S.
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