Apple Shares Decline After iPhone Sales Miss, China Drops 29%

IPhone revenue down 21%, but Mac, iPad, Services sales jump
No forecast; CEO says iPhone 12 response tremendously positive

Why Apple Shares Are Falling After Earnings Report

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By Mark Gurman

October 29, 2020 at 4:33 PM EDT

Updated on

October 30, 2020 at 10:22 AM EDT

This article is for subscribers only.

Apple Inc. shares fell as much as 5.6% Friday after the company reported iPhone sales that missed Wall Street estimates and said revenue in China slumped.

The company gave no forecast for the key holiday quarter, disappointing some analysts who were hoping for guidance. However, Chief Executive Officer Tim Cook said the new iPhone 12 line has been well received. Sales of Macs and Services also reached all-time highs in the fiscal fourth quarter.