Apple revenue tops $100 billion for first time on iPhone sales

Apple Inc. shares fell after a cautious outlook from executives overshadowed quarterly revenue that topped $100 billion for the first time. Shares of the company declined almost 3% in extended trading.

Apple also didn’t provide a revenue forecast for the fourth quarter in a row. It previously cited uncertainty from the Covid-19 pandemic in choosing not to provide projections.

“It was an extremely strong quarter. What’s likely weighing on the stock at the moment is that they didn’t give guidance,” said Shannon Cross of Cross Research.

Sales jumped 21% to $111.4 billion in the period ended Dec. 26, the company said Wednesday in a statement. Analysts, on average, expected $103.1 billion, according to data compiled by Bloomberg. Profit was $1.68 a share, also topping Wall Street estimates.