Apple's sales fell in China - the stock rose

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Apple's sales fell in China - the stock rose
Photo: Godofredo A Vásquez/AP/TT

Tech giant Apple exceeded many expectations last quarter, but sales in China missed the target by a wide margin, according to the report.

Sales for the quarter amounted to $102.5 billion, equivalent to 962 billion kronor. Just above market expectations.

But despite the strong overall numbers, sales fell year-over-year in one region: China. Sales there amounted to $14.5 billion, 3.6 percent lower than the same period last year. Analysts had expected $16.4 billion.

Earnings, however, were measured at $1.85 per share. Analysts' average forecast was $1.77 per share.

iPhone sales also fell short of expectations, despite the period including about two weeks of sales of the latest model. Apple sold phones worth $49.0 billion, compared to the average forecast of $50.2 billion.

Apple CEO Tim Cook, however, stated in a press release that sales appear to be progressing strongly in the current quarter.

The company's stock initially fell in after-hours trading on the New York Stock Exchange, but turned around and was trading up almost 4 percent half an hour later.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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