⁍ The iPhone 12 release timing drove down sales in Greater China to $7.95 billion from $11.13 billion the year before.

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⁍ The company also said it had returned nearly $22 billion to shareholders in the quarter as it kept its target of reaching a new cash neutral position.

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⁍ The company also said it had returned nearly $22 billion to shareholders in the quarter as it kept its target of reaching a new cash neutral position.

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– Apple shares dropped more than 5% in after-hours trading Thursday after the company reported disappointing iPhone sales. The company said revenue and profits for the fiscal fourth quarter ended Sept. 26 were $64.7 billion and 73 cents per share, compared with analyst estimates of $63.7 billion and 70 cents per share, Reuters reports. But the flagship iPhone 12’s announcement was delayed until Oct. 13, several weeks later than usual, meaning no opening-weekend iPhone sales are included in the fourth-quarter results. Analysts anticipated consumers would hold off on iPhone purchases ahead of new iPhone 12 models. Those devices feature 5G networking connectivity and are expected to be strong sellers as mobile carriers jump back into subsidizing device purchases to lure consumers into new 5G data plans. “5G is a once-in-a-decade kind of opportunity. And we could not be more excited to hit the market exactly when we did,’ Cook said. “At least in the US, the carriers are being very aggressive.” The iPhone 12 release timing drove down sales in Greater China to $7.95 billion from $11.13 billion the year before. Cook said all of Apple’s non-iPhone products grew in China. Apple did not provide a revenue growth forecast, but Chief Financial Officer Luca Maestri said that revenue from services and non-iPhone products would grow by double-digit percentages in the fiscal first quarter and that iPhone revenue would grow, implying the growth rate would be in the single digits. Analysts expect iPhone revenue to grow 6.45% to $59.56 billion in the first quarter.