(Reuters) – The late launch of new 5G phones caused Apple Inc’s AAPL.O customers to put off buying new devices, leading the company on Thursday to report the steepest quarterly drop in iPhone sales in two years.
Apple fell over 5% at one point in after-hours trade, wiping $100 billion from its stock market value.
Since 2013, Apple has delivered new iPhones each September like clockwork. But pandemic-induced delays pushed the announcement back a month, with some devices still yet to ship.
Even as booming sales of Macs and AirPods boosted overall revenue and profit above what analysts had expected, iPhone sales dropped 20.7% to $26.4 billion. (Graphic: tmsnrt.rs/3ecmgCG)
Investors anticipated lower sales from the Cupertino, California company’s bestselling product, but the hold-back was worse than expected, especially in China, where more consumers have access to 5G than in the United States or Europe.
Apple has mostly beaten sales expectations this year and released a slew of new products and services that its customers have embraced while largely homebound during the pandemic.
Apple said revenue and profits for the fiscal fourth quarter ended on Sept. 26 was $64.7 billion and 73 cents per share, compared with analyst estimates of $63.7 billion and 70 cents per share, according to IBES data from Refinitiv.
But the flagship iPhone 12’s announcement was delayed until Oct. 13, several weeks later than usual, meaning no opening-weekend iPhone sales are included in the fourth-quarter results.
In an interview with Reuters, Apple Chief Executive Tim Cook said that he was “optimistic” about the iPhone 12 cycle based on the first five days of shipping data.
“5G is a once-in-a-decade kind of opportunity. And we could not be more excited to hit the market exactly when we did,” Cook said. “At least in the U.S., the carriers are being very aggressive.”
The iPhone 12 release timing drove down sales in Greater China by 28.5% to $7.95 billion. Cook said he expects the new 5G devices to help iPhone sales recover in China.
“What we’re seeing in the early going in the first five days gives us a lot of confidence that China will return to growth in our fiscal Q1,” Cook told Reuters.
Apple did not provide a revenue growth forecast, but Chief Financial Officer Luca Maestri said revenue from services and non-iPhone products would grow by double-digit percentages in the fiscal first quarter, in line with analyst expectations. He said iPhone revenue would also grow, implying the rate would be in the single digits. Analysts expect iPhone revenue to rise 6.45% to $59.56 billion in the first quarter, according to Refinitiv data.
Logan Purk, an analyst with Edward Jones, said that “while iPhone sales will grow this cycle, it will be disappointing compared to elevated expectations, as we do not believe the 5G presents a compelling reason for a wave of upgrades.”
Apple has offset volatile iPhone sales in recent years with steady growth in its services segment, which includes streaming music and television. Services revenue rose 16.3% to $14.5 billion, compared with analyst estimates of $14 billion. Cook told Reuters that Apple One, a bundle of Apple’s paid services, will launch on Friday.
Cook told Reuters that Apple has 585 million paying subscribers across its platforms, up from 550 million the previous quarter and closer to the goal of 600 million subscribers that the company set out for the end of calendar 2020.
Apple’s shares have soared in the past two years as it has diversified its revenue streams to lessen its dependence on the iPhone. The share tumble on Thursday raises the question of whether Apple is still more dependent on iPhone sales than some investors had hoped.
“Apple needs to be able to keep the upgrade cycle going or the share price will wobble because there’s no real room for forgiveness in the current valuation,” said Sophie Lund-Yates, an equity analyst at Hargreaves Lansdown.
Apple said revenue from its accessories segment was up 20.8% to $7.9 billion, compared with analyst estimates of a 13.5% rise to $7.4 billion, according to Refinitiv data. Mac and iPad sales rose to $9.0 billion and $6.8 billion, compared with estimates of $7.92 billion and $6.12 billion, according to Refinitiv data.
Reporting by Stephen Nellis in San Franicsco; Additional reporting by Noel Randewich; Editing by Lisa Shumaker
The best Apple deals of Black Friday 2020 – Ars Technica
It’s Black Friday, which means it’s time for larger-than-usual discounts on Apple products. We have a more general roundup of the best Black Friday tech deals on the site, but because we know many people are specifically looking to grab new Apple gear this holiday season, we’re giving special mention the best Apple deals we’re seeing this Black Friday.
Apple tends to be stingier than most this time of year when it comes to deals, typically offering modest price drops and gift card incentives. That’s still the case with many devices this year, particularly when it comes to the latest crop of iPhones, but there are still a few eye-catchers worth noting.
One example is a new low price on Apple’s AirPods Pro, as the wireless noise-cancelling earphones are currently available for $170 at Amazon. That’s $80 off Apple’s MSRP. Amazon lists the device as “temporarily out of stock” as of this writing, but if you don’t mind a wait, you can still lock in a purchase at the discounted price. The standard AirPods, meanwhile, are down to $110, which is $10 off their all-time low. If you prefer something more workout-friendly, select colors of the Beats Powerbeats Pro—another set of true wireless earbuds we’ve recommended—are down to $160. That’s the lowest price we’ve tracked.
Beyond that, B&H and Adorama are offering modest $100 discounts on the latest round of Macs equipped with Apple’s own M1 silicon, though again it looks like you’ll have to wait a bit for actual shipping details, since the devices currently appear to be backordered.
The new Apple Watch Series 6, meanwhile, is down to a new low of $330 in select finishes, while the latest iPad Mini is $5 off its all-time low at $335. We’re also seeing a modest $30 price drop on the most recent iPad Air, which we reviewed favorably earlier this month. You can find our full Apple deals roundup below, and we’ll be sure to update this post if any new worthwhile offers arise over the course of the day.
Note: Ars Technica may earn compensation for sales from links on this post through affiliate programs.
Best Apple device deals of Black Friday 2020
- Apple AirPods Pro true wireless noise cancelling headphones for $169.99 at Amazon (in and out of stock—normally $220).
- Apple AirPods true wireless earbuds for $109.99 at Amazon and Walmart (normally $130).
- Beats Powerbeats Pro (select colors) true wireless sports earphones for $159.99 at Amazon and Best Buy (normally $240).
- Beats Solo 3 Wireless Bluetooth on-ear headphones for $119 at Amazon (normally $175).
- Beats Solo Pro (select colors) Bluetooth on-ear noise-cancelling headphones for $169.99 at Amazon (normally $190).
- Apple Watch Series 6 (40mm, select colors) smartwatch for $329.98 at Amazon and Walmart (normally $385).
- Apple iPad Mini (64GB) 7.9-inch tablet for $334.99 at Amazon (normally $365).
- Apple iPad Air (64GB) 10.9-inch tablet for $569.99 at Amazon (normally $599).
- Apple iPad Pro (128GB) 12.9-inch tablet for $899 at Best Buy (normally $965).
- Apple Smart Keyboard Folio for 12.9-inch iPad Pro (4th gen) for $119.97 at Amazon (normally $189).
- Preorder: Apple Mac Mini (late 2020) mini desktop—Apple M1, 8GB RAM, 256GB SSD for $639 at B&H (normally $699).
- Apple MacBook Air (late 2020) laptop—Apple M1, 8GB RAM, 256GB SSD for $899 at B&H and Adorama (backordered, 512GB model for $1,199—normally $999).
- Apple MacBook Pro (late 2020) laptop—Apple M1, 8GB RAM, 256GB SSD for $1,199 at B&H and Adorama (backordered, 512GB model for $1,399—normally $1,299).
- $100 Apple gift card (email delivery) + $20 Target e-gift card for $100 at Target (normally $120).
- Apple gift cards up to $150 with purchase of select Apple products.
Trampoline Black Friday & Cyber Monday Deals (2020): Top 10 Feet, 12 Feet & 14 Feet Square, Rectangle & Round Trampoline Deals Highlighted by Retail Fuse – GlobeNewswire
Trampoline deals for Black Friday & Cyber Monday, featuring the best Skywalker, mini & more trampoline sales
Black Friday researchers are reviewing all the top trampoline deals for Black Friday & Cyber Monday 2020, including all the best sales on Skywalker & My First Trampoline. Shop the best deals in the list below.
Best Trampoline Deals:
- Save up to 45% on outdoor & indoor trampolines at Amazon – check the latest deals on trampolines from trusted brands including trampolines for both kids and adults
- Save up to 35% on a wide range of trampolines at Overstock.com – click the link for the hottest deals on rectangle, square, and round trampolines in a wide range of sizes
- Save up to 60% on top-rated trampolines at Walmart – check the latest deals on adult & kids trampolines including large sizes like 12ft, 13ft, 14ft, 15ft & more
- Save up to 45% on trampolines from top brands like Skywalker & Albott at Amazon – check deals on a range of trampolines from brands including MaxKare, SereneLife & more
- Save up to 40% on a wide range of Skywalker trampolines at Amazon
- Save up to 25% on Skywalker trampolines at Walmart – click the link for live prices on Skywalker trampolines with weight ratings of 100lb below, 100lb to 200lb, & 200lb to 300lb
- Save up to 62% on rectangle trampolines at Walmart – save on rectangle trampolines from brands including Skywalker, Jumpking, Jump Power, Exacme & more
- Save up to 78% on mini trampolines at Walmart – check the latest deals on mini portable trampolines for kids & adults
Want some more deals? Check out Walmart’s Black Friday & Cyber Monday sale and Amazon’s Black Friday & Cyber Monday sale to view more active deals. Retail Fuse earns commissions from purchases made using the links provided.
About Retail Fuse: Retail Fuse reports the latest retail news. As an Amazon Associate and affiliate Retail Fuse earns from qualifying purchases.
Contact: Andy Mathews (email@example.com)
Black Friday & Cyber Monday LG TV Deals 2020: LG C8, G6 & More OLED TV Sales Found by Deal Tomato – GlobeNewswire
Black Friday LG TV deals are underway, browse the best Black Friday & Cyber Monday LG G6 and C8 4K TV deals on this page
Black Friday & Cyber Monday LG TV deals are live. Find the best discounts on 65, 55 and 77-inch LG TVs. View the full selection of deals by clicking the links below.
Best LG TV Deals:
- Save up to 60% on LG TVs including deals on bundles at Walmart – check the latest deals on LG smart TVs in all sizes including 4K UHD models
- Save up to 33% on various models of LG TVs including the LG OLED at Amazon – click the link to see updated deals on all LG smart TV models with UHD, NanoCell, or OLED
- Save up to 50% on LG 65-inch NanoCell, UHD, or OLED smart TVs at Walmart – check the latest prices on 65-inch LG smart TVs that can also come bundled with Deco Gear Home Theater Soundbar, HDMI cable, and wall mount
- Save up to 51% on 55-inch LG smart TVs and special bundles at Walmart – includes deals on the LG NanoCell and LG OLED series plus units bundled with a soundbar, cables, and wall mount
- Save up to 40% on 77-inch LG OLED, NanoCell, and UHD smart TVs at Walmart – check live prices on these LG smart TVs including deals with extended 1-year warranty
- Save up to 40% on LG TVs including Ultra HD 4K models at Abt.com – check updated prices on all LG smart TVs from 55 to 77-inch screen sizes
- Save up to 50% on a wide range of LG OLED TVs at Walmart – click the link for live prices on 45-inch, 55-inch, 65-inch, 77-inch, and larger LG OLED smart TVs and bundles
- Save up to $1,553 on top-rated LG OLED TVs at Amazon – find deals on a wide range of LG OLED 4K smart TVs with, built-in Alexa
- Save up to 52% on the bestselling LG OLED C9 at Walmart – the LG C9 model features AI ThinQ, NVIDIA G-SYNC compatibility, and Dolby Atmos sound technology
- Save up to 50% on LG OLED TV bundles at Walmart – get the latest deals on LG OLED TV bundles which include home theater surround sound systems and flat wall mount kits
Best TV Deals:
- Save up to 50% off on top-rated 4K TVs from Samsung, LG, Vizio, TCL & more top brands at Walmart – check latest deals on 4K Ultra HD, LED and smart TVs
- Save up to 39% on smart TVs from top brands including Samsung, Sony & Vizio at Dell.com – click the link for the latest deals on a wide selection of smart TVs available in Full HD and Ultra HD screen resolutions
- Save up to 60% off on the latest smart TVs (2020 models) at Walmart – get the latest deals on top-rated smart TVs from top brands including Samsung, LG, Sony, Hisense, & more
- Save up to 47% on a wide range of smart TV & 4K TVs at Amazon – check live prices on top-rated Smart TVs with 32, 40, 50, 55, 60-inch & more screen sizes
- Save up to 35% on top-rated smart TVs at ABT.com – click the link for live prices on top-rated Smart TVs from best-selling brands
Interested in more deals? Click here to check out the entire selection of deals at Walmart’s Black Friday & Cyber Monday sale and click here to check out Amazon’s current Black Friday & Cyber Monday deals. Deal Tomato earns commissions from purchases made using the links provided.
About Deal Tomato: Deal Tomato reports on popular sales events. As an Amazon Associate and affiliate Deal Tomato earns from qualifying purchases.
Contact: Andy Mathews (firstname.lastname@example.org)
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