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Apple sales fall less than expected, beating Wall Street estimates

By: FOX Business

May 02, 2024 at 18:06 PM EDT

Apple shares saw a boost in aftermarket trading after beating Wall Street's estimates with a year-over-year sales decline of 4.3%, while iPhone sales remain flat.

Apple, Inc. posted a year-over-year decline in revenue in its fiscal second-quarter earnings report after the bell on Thursday but still beat Wall Street's expectations.

The tech giant's sales fell 4.3% from the prior year, coming in at $90.75 billion. Analysts anticipated $90.01 billion.

IPhone sales fell 10.5% to $45.96 billion, in line with expectations. Apple executives said in February the previous year's fiscal second quarter had benefited from a $5 billion surge in iPhone sales as the company caught up from supply chain snarls during pandemic lockdowns.

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Shares of Apple rose almost 3% in extended trade after the report. Apple's stock has fallen 10% so far in 2024, underperforming the S&P 500's 6% rise.

Apple also announced a share buyback of an additional $110 billion and said it is raising its quarterly dividend for the 12th year in a row.

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Reuters contributed to this report.

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