Investing.com – Shares of Apple fell 1% in afterhours trade on Tuesday, after the tech giant reported first quarter earnings that beat on earnings but revenues missed expectations.
The tech giant posted earnings-per-share (EPS) of $2.10 on $52.9 billion in revenue against analysts’ expectations of EPS of $2.02 on $53.02 billion in revenue.
In what is traditionally a slower quarter for the company, Apple sold 50.8 million iPhones for the quarter, which fell short of expectations of 52.27 million iPhone sales.
Meanwhile, forward guidance was weaker than expected as the company said it expected third quarter revenue in the range of $43.5-45.5 billion, which was less than expectations for third quarter revenue guidance of close to 45.7 billion.
Apple announced a divided hike and boosted its share buyback authorization to $210 billion.
Shares of Apple traded at $145.26, down 1.53%, in afterhours trade.