Richard Drew/AP
Apple on Thursday reported underwhelming iPhone sales and gave soft guidance for its crucial holiday quarter.
The tech giant said it sold 46.9 million iPhones, which was up 0.4% versus a year ago but shy of the 48.4 million that Wall Street analysts surveyed by Bloomberg were expecting. Apple also said it would no longer reveal unit sales for its hardware.
Apple said it expected to generate revenue of $89 billion to $93 billion during the holiday quarter, a number on the low end of the $92.74 billion that analysts were hoping for.
The company reported earnings of $2.91 a share, easily beating the $2.78 that analysts surveyed by Bloomberg were expecting. Revenue rose 19.6% year-over-year to $62.9 billion, outpacing the $61.44 billion that was anticipated.
Shares plunged more than 7% in after-hours trading to $206.30 apiece. Any print below $207.45 during Friday's session would cost Apple its $1 trillion valuation.
While Wall Street analysts were disappointed about Apple's decision to withhold unit sales for hardware, they remained mostly bullish on the tech giant.
Here is what Wall Street analysts are saying about the quarter: