Apple Inc. reported revenue that fell less than projected and forecast fourth-quarter sales that may exceed analysts’ estimates, bolstered as iPhone demand picks up and consumers warm to the company’s new low-priced smartphone model.
- Fourth-quarter revenue will be $45.5 billion to $47.5 billion, the Cupertino, California-based company said Tuesday in a statement. On average, analysts projected $45.5 billion. A year earlier, sales were $51.5 billion.
- Gross margin in the period that ends in September will be 37.5 percent to 38 percent.
- Fiscal third-quarter revenue fell 15 percent to $42.4 billion. That topped analysts’ average prediction for revenue of $42.1 billion.
- IPhone unit sales for the quarter fell 15 percent from a year earlier to 40.4 million. Still, that exceeded the average estimate of 39.9 million.
- Apple shares jumped 5.3 percent in extended trading after the report. They slipped less than 1 percent to $96.67 at the close in New York. The stock has fallen 8.2 percent so far this year.