Apple beats on earnings, but stock falls after December outlook misses

Apple Inc. reported better-than-expected financial results for its fiscal fourth quarter, but shares sank in after-hours trading Thursday after the company delivered a disappointing forecast for the holiday period.

The trillion-dollar company delivered earnings per share of $2.91 on revenue of $62.9 billion for its latest quarter, ahead of the FactSet consensus expectation of $2.78 in EPS and $61.5 billion in revenue. Apple’s AAPL, +1.54% iPhone revenue positively surprised as well, coming in at $37.2 billion for the quarter, whereas analysts had been calling for $35.6 billion. The average selling price for an iPhone during the quarter was $793, far above the $751 projection.

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