Apple’s quarterly profit dipped 3% to $13.7
billion, but its earnings per share of $3.03
topped analyst projections.
In another encouraging sign for the company,
Apple’s sales in China recover further from a
sharp drop-off earlier this year. That helped
ease worries that Apple might be bruised by
President Donald Trump’s trade war with the
world’s most populous country.
Apple also signaled its confidence that the
momentum will continue in the current
quarter, which spans the crucial holiday season.
The Cupertino, California, company projects
revenue will climb by about 4% from the same
time last year.
Part of that growth will likely come from a hotly
anticipated video streaming service called Apple
TV Plus to compete against industry pioneer
Netflix and a slew of new entrants, including
Disney Plus and HBO Max.
“You can tell from the guidance we are bullish,”
Apple CEO Tim Cook told analysts during a
conference call.
Add it all up, and it becomes easier to see
why the stock market’s sentiments about
Apple have changed dramatically since the
company warned earlier this year that iPhone
sales were falling, especially in China. That flop
coming out of last year’s holiday season made
it clear that the iPhone was losing some of its
luster, raising fears that Apple’s best days may
have past.
Those worries hammered Apple’s stock, driving
down the price to $142 in early January.
But the stock has been setting new highs this
month as investors began to realize Cook had