Apple Beats Earnings in Ternus' First Quarter: Why Is the Stock Falling?

Apple, in John Ternus’s first quarter as chief executive, reported earnings of $2.10 per share on revenue of $114.5 billion, up 12% from a year earlier, beating analyst forecasts of about $2.00 and $113.4 billion. The company said net income rose 12% to $30.71 billion, and iPhone revenue reached a September-quarter record of $57.58 billion. Despite the beat, Apple shares fell about 1% in after-hours trading after closing at $338.32 on Monday, down 1.83%, and dipping to $335.00 after the report. Greater China revenue grew 21% to $17.54 billion but missed analysts’ roughly $18.55 billion estimate.