Apple (AAPL) Stock Drops Despite Beating Revenue Estimates

Apple (AAPL, Financial) experienced a notable decline in its stock price, falling by up to 2.49% at one point, reaching $220.28, the lowest level since September 18. The company announced its fourth fiscal quarter results, reporting revenue of $94.93 billion, surpassing analyst expectations of $94.36 billion and reflecting a 6% year-over-year increase.

In the Greater China region, Apple’s revenue was $15.03 billion, which came in below the analyst forecast of $15.8 billion. The company’s net profit for the quarter was $14.73 billion, marking a significant 35.8% decline from the previous year. This drop was primarily attributed to a $10.2 billion tax expense related to Apple’s 2016 tax arrangements in Ireland.

Adjusted earnings per share rose by 12% to $1.64. Meanwhile, Apple’s total operating expenses were $14.29 billion, slightly below the analyst estimate of $14.35 billion.

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