Apple Shares Remain Down After Company Skips Guidance on Conference Call

By Dan Gallagher

As expected, Apple refrained from projecting revenue for the December quarter on the conference call that followed the release of its earnings.

Chief Financial Officer Luca Maestri did however say the company expects iPhone sales to grow in the quarter relative to the same period a year earlier, given the launch of the new devices. Wall Street already was targeting 7% growth year over year for the period, so that was no surprise.

Mr. Maestri added that services would still grow in the double-digit range--which was also already baked into Wall Street's predictions.

Hence, Apple's shares remain down 5% after hours, as investors will likely question how confident the company is about what many analysts have been framing as a "supercycle" in the midst of the pandemic.

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(END) Dow Jones Newswires

October 29, 2020 18:09 ET (22:09 GMT)

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