Apple Revenues Fall Short Of Wall Street Expectations For December Quarter

Apple’s just-released earnings report probably won’t generate any enthusiasm among investors who have lost faith in the company over the last year, fearing it’s become too dependent on iPhones and on China.

The tech giant reported net income of $18.36 billion for the December quarter, up 1.9% vs the period in 2014, on revenues of $75.87 billion, up 1.7%. Analysts expected revenues to hit $76.59 billion. But earnings at $3.28 a share beat forecasts for $3.23.

The iPhone accounted for most of the sales: Apple says it sold 74.78 million units, a little shy of Wall Street expectations for 75 million.

The company also says it expects revenues in the current quarter to come in between $50 billion and $53 billion. Analysts were looking for more than $55 billion.

The company’s share price was relatively flat in initial post-market trading. It fell 20% over the last six months, and 5.4% so far in 2016.

CEO Tim Cook says, though, that this was “Apple’s biggest quarter ever, thanks to the world’s most innovative products and all-time record sales of iPhone, Apple Watch and Apple TV.”

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