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Apple (AAPL) -2%, Tesla (TSLA) -5% after posting Q4 updates
Apple (AAPL) traded 2% lower on Thursday, despite posting record revenues in Q4 and beating Wall Street expectations across the board as a 57% spike in sales in China boosted its bottom line.
After Wednesday’s close, Apple posted $1.68 per earnings and $111.44bn revenue, up 34.4% and 21% year over year, and comfortably ahead of the $1.41 and $103.3bn consensus.
The Greater China region delivered $21.3bn in revenues, and overall iPhone sales, buoyed by the recent launch of the iPhone 12, soared 17% to a record $65.5bn.
Services, a division that includes Apple TV+ and Apple Music, saw its revenue climb a further 24.2% to $15.8bn as the total subscriber base across platforms rose to +620m.
CEO Tim Cook said: “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season.”
Despite the Q4 beats, Apple traded 2% down in after-hours trading and then declined a further 1.80% after the Nasdaq opened on Thursday for a new $140.15 share price.
Tesla (TSLA) also retreated 5% after the electric carmaker came up short on earnings and said that operating margins had fallen from 9.2% to 5.4% in Q4.
The Elon Musk-helmed company posted $0.80 per share earnings, 13 cents shy of estimates, but revenue of $10.74bn did beat expectations by $340m.
Some analysts now believe that Tesla is relying on cash raised from its recent remarkable share gains to support expansion.
JMP Securities’ Joseph Osha downgraded his rating to market perform on Thursday, but Wedbush’s Dan Ives was more optimistic due to strong demand for EVs.
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