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Apple Profit Drops 36% on EU Tax Charge as Services Revenue Hits $25 Billion in New Quarterly Record
Apple missed Wall Street earnings forecasts, as iPhone revenue rose 5.5% while the tech giant's services segment turned in record revenue.
Apple said its earnings were hurt by a one-time charge recognized during the September quarter “related to the impact of the reversal of the European General Court’s State Aid decision.” Excluding that, diluted earnings per share were $1.64, topping Wall Street forecasts. “During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection,” CEO Tim Cook said in announcing the results. Overall, Wall Street analysts on average expected revenue of $94.58 billion and earnings per share of $1.60, according to LSEG.
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