Consumer electronics giant Apple (AAPL) late Thursday beat Wall Street’s target for earnings its fiscal third quarter while matching views for sales. Apple stock fell in extended trading.
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The Cupertino, Calif.-based company earned $1.26 a share on sales of $81.8 billion for the quarter ended July 1. Analysts polled by FactSet had expected Apple earnings of $1.20 a share on sales of $81.8 billion. On a year-over-year basis, Apple earnings increased 5% while sales dropped 1%.
Apple’s results marked its third quarter in a row of declining sales. However, earnings returned to growth after two consecutive quarters of flat or declining profits.
In after-hours trading on the stock market today, Apple stock sank 0.7% to 189.79. During the regular session Thursday, Apple stock dipped 0.7% to close at 191.17.
Earnings report details to follow.
Apple stock is on the IBD Tech Leaders list.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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