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Apple (AAPL) shares dropped 1.1% in after-hours trading on Thursday, despite the technology giant reporting quarterly results.

For the fiscal-second quarter ended March 28, Apple said it earned an adjusted $2.01 per share as revenue rose 17% year-over-year to come in at $111.18B, News.Az reports, citing foreign media.

Revenue related to the iPhone came in at $56.99B, slightly above the $56.98B estimate. Overall product revenue was $80.21B, slightly above the $79.26B estimate. Mac revenue during the quarter was $8.4B, as sales rose 5.7% year-over-year, above the $8.13B estimate.

Also topping analyst forecasts was Apple's Services business, which rose 16% from the year-ago period and accounted for $30.98B in revenue during the period, above the $30.37B forecasted.

Apple's Wearables business generated $7.9B in revenue, up 5% year-over-year and above analyst estimates of $7.72B. The iPad accounted for $6.91B in revenue during the quarter, above the $6.65B estimate.

Revenue from Greater China jumped 28% year-over-year during the period to come in at $20.5B, above the $18.91B that analysts had expected.

Seeking Alpha analyst YR Research said that Apple showed “sustained elevated growth levels, as expected.” However, next quarter will be the “real test,” as it comes to tougher comparisons, with the impact of the newly released MacBook Neo considered “critical.”

Analysts had expected the company to earn an adjusted $1.96 per share on $109.66B in revenue.

“Today Apple (AAPL) is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” said Tim Cook, Apple’s CEO. “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup. During the quarter, Services achieved yet another all-time record, and we were excited to introduce remarkable new products to our strongest lineup ever. That included the addition of the iPhone 17e and the M4-powered iPad Air, along with the launch of MacBook Neo, which is captivating customers all around the world.”

In addition to the quarterly results, Apple upped its quarterly dividend 4% to $0.27 per share. The next payment will be made on May 14 to shareholders of record as of the close of May 11.

The board of directors also authorized an additional program to repurchase up to $100B in common stock.

Seeking Alpha analyst Bill Maurer said the results were strong but that the dividend was another “annual small increase.” However, he highlighted the added $100B to the share buyback program.

Apple will host a conference call at 5 p.m. EST to discuss the results. The company has historically provided guidance on the call.

News.Az 

By Ulviyya Salmanli