Apple earnings (NASDAQ:AAPL) were stronger than what analysts were calling for in their consensus estimate, but AAPL stock took a hit late in the day Thursday as the company’s iPhone sales were below what analysts were calling for.
The iPhone maker said that for its fourth quarter of fiscal 2018, the sales of its popular iPhones came in at 46.89 million, which is below the 47.5 million that analysts were calling for, according to a forecast of analysts surveyed by both FactSet and StreetAccount.
Apple earnings were ahead of the mark for the period as the company brought in a profit of $2.91 per share, which topped the $2.78 per share that analysts polled by Refinitiv were calling for. The company added that its revenue for the period tallied up to $62.9 billion, which is better than the $61.57 billion that the Wall Street consensus estimate called for, per Refinitiv.
Another strong point for the MacBook Air manufacturer was that the iPhone average selling price (ASP) was up to $793 for its fourth quarter, which is better than the $750.78 that analysts polled by both FactSet and StreetAccount called for in their consensus estimates.
AAPL stock was up about 1.5% during regular trading hours in anticipation of the company’s fourth-quarter earnings results, but shares were down about 3.2% after the bell Thursday on its iPhone sales miss.
