Apple iPhone back to growth after a year's slump; China virus adds uncertainty

Apple on Tuesday reported sales and profits for the holiday shopping quarter above Wall Street expectations, powered by a rise in iPhone sales for the first time in a year and soaring demand for add-ons like AirPods wireless headphones.The strong performance outweighed concern about the coronavirus in China, a major market as well as manufacturing hub for Apple, and a slight revenue miss in the company's closely watched services business, which includes the new Apple TV+ streaming offering.

"Apple also is forecasting a stronger Q2 than analysts predicted, but the fact that the coronavirus is spreading in unpredictable ways in China, where Apple has most of its hardware built, could upset this optimistic forecast," said eMarketer principal analyst Yoram Wurmser. "Services are important, but the trajectory is heading on target. I feel they’ve made good progress on that front," said Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel."It’s easier to take a small miss like that in context when they also lift the Q2 revenue figures higher."

Many investors think that services revenue eventually will boost Apple’s gross margins, which were 38.35 per cent in the December quarter compared with estimates of 38.06 per cent.

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