The tech giant already delivered the first decline in a decade on both top and bottom line. The earnings miss was well telegraphed during the January 2nd warning that pummeled the tech sector. The stock however rallied after Apple’s guidance for the second quarter came in better than what many feared and close to Wall Street’s estimates.
Services revenue did post a strong 19% increase, while the Greater China area saw revenue decline over 26%. The iPhone maker is struggling to ramp up the other businesses to make up for the expected decline in iPhone sales and the global slowdown concerns are confirmed, but the stock may be near a bottom after falling over 33% since October.
Other tech giants, Amazon, Netflix Microsoft, Facebook and Google are trading higher following Apple’s results. The Nasdaq also rallied and erased most of the gains that occurred earlier in the day.
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