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Shares in US tech giant Apple are trading a little lower pre-market on Tuesday. Shares in Apple have been trading lower over recent weeks following an initial rally in October which saw price trade highs of over 124.
Q4 Results Beat Estimates
At the end of last week, Apple reported earnings for its 4th fiscal quarter of 2020. Earnings per share came in a little better than expected at $0.73 versus estimates of $0.70. Revenues were also marginally higher $64.7 billion, exceeding forecasts for a $63.70 billion result.
Year on year, revenues saw a 1% increase. However, within the results there were some red flags, highlighting weakness within the company’s performance.
iPhone revenues were lower than expected at $26.44 billion versus estimates of a $27.93 result. Year on year, this result marks a more than 20% drop in iPhone revenues.
iPhone Revenues The Only Weak Spot
On the whole, however, Apple’s performance was strong. Mac revenues posting $9.0 billion over the quarter, beating estima...
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