Apple Inc on Wednesday forecast sales for the crucial holiday shopping quarter t...
) on Wednesday forecast sales for the crucial holiday shopping quarter that beat Wall Street expectations, with Chief Executive Tim Cook saying that new iPhone 11 models were off to “a very, very good start” as sales of AirPods, Apple Watches and streaming services continue to rise.
Apple said it expects $85.5 billion to $89.5 billion in sales for its fiscal first quarter that ends in December, with a midpoint of $87.5 billion that is above analyst expectations of $86.9 billion, according to IBES data from Refinitiv.In an interview with Reuters, Cook said that the revenue guidance was based on strong sales of services and wearables, as well as promising early sales for the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max released last month.
The results mark the fourth straight quarter of year-over-year declining iPhone sales as the Cupertino, California-based company tries to shift its business away from reliance on the flagship product and toward a broader product mix. “The starting price of $699 is a factor in bringing more people into the market and giving people just another reason to upgrade,” Cook told Reuters. “In China specifically ... we picked locally relevant price points that were more similar to the price points that had great success with earlier.”
“It was an incredible quarter for wearables,” Cook said. “It was a very broad range of services that set new all-time records, from our payment services to the search ad business to Apple Music, Apple Care, the App Store and cloud services - almost every kind of service we’re in.” Apple’s Cook said that iPhone sales in China ticked up toward the end of the quarter, which includes several days of sales of the new iPhone 11 models. Cook also said the company saw double-digit services revenue growth in China and wearables revenue in China grew at a higher rate than the companywide figure.Slideshow
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