Shares of Apple fell 1.6% in after‑hours trading on Thursday, immediately after the company released its Q4 results that missed consensus estimates.
Apple’s Q4 revenue came in at ₹8,950 cr (USD 89.5 B), a decline of 2.5% year‑over‑year, falling ₹50 cr short of the ₹9,000 cr consensus reported by Bloomberg and FactSet.
Net income for the quarter was ₹2,350 cr (USD 23.5 B), up 1.9% YoY, while diluted EPS stood at ₹1.29, just ₹0.01 below the consensus of ₹1.30, according to the 10‑Q filed on March 31, 2024. The gross margin held steady at 38.1%, a touch lower than the 38.4% reported in Q3.
In the broader tech landscape, Apple’s revenue dip echoes a muted trend across the sector, where the Nifty IT index slipped 0.3% after the release of Q4 data from major peers. Analysts note that the slowdown is largely driven by the slowdown in iPhone sales and a cautious outlook on wearables and services.
Looking ahead, Apple’s guidance for FY24 Q1 remains unchanged: revenue of ₹9,000 cr (USD 90 B) and EPS of ₹1.33, as stated by the company’s investor relations team on the earnings call. CEO Tim Cook reiterated that Apple would pursue AI features incrementally, prioritizing privacy‑centric applications over AI‑driven consumer devices, a stance that has kept the “anti‑AI” narrative alive among investors.