Apple Q4 results top estimates on record services growth

Investing.com - Apple reported Thursday fiscal fourth-quarter results that topped Wall Street estimates as better-than-expected services revenue boosted results. Apple Inc (NASDAQ:AAPL) was down 1.2% in afterhours trading. The company reported earnings per share of $1.46 on revenue of $89.5 billion. Analysts polled by Investing.com forecast EPS of $1.39 on revenue of $89.31B. The beat on top and bottom lines comes as sales growth in Americas and Europe helped ease the hit to revenue from a 2.5% fall in China sales following a rise in competition from rivals including Huawei. iPhone revenue rose 3% to $43.81B from a year earlier, in-line with Wall Street estimates of $43.81B. The services business including Apple Pay, Apple TV+ and iCloud storage saw revenue rise 16% to $22.31B to an all-time high from a year earlier, beating analyst estimates of $21.35B. Gross margin, led by the services business, was up 6.1% in Q4 from a year earlier. Apple’s wearables, home and accessories category - previously called other products - fell 3.4% to $9.32B from the year-ago period, above estimates of $9.7 billion. Revenue for the iPad fell 10% and revenue for the Mac plunged 34% in the quarter from a year earlier.