When Apple’s fiscal Q4 report was released and the conference call held, the stock plunged in after-hours trading
Wall Street was expecting a 5% gain in year-over-year revenue for the quarter so the comments made by Apple’s CFO were concerning for investors. He did say that iPhone revenue will show growth during the quarter. However, Maestri warned that revenue will drop significantly during the current quarter for the iPad and Apple’s wearable unit which includes the Apple Watch and the AirPods.
Apple’s sales in China are of concern to the company as the release of Huawei’s first 5G phone in three years, the Mate 60 Pro, has electrified consumers in China. Apple’s fiscal Q4 sales in China declined 2.5% year-over-year to $15.08 billion. Some analysts were looking for Apple to report fiscal fourth-quarter revenue of $17 billion in the country.
