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Yahoo BusinessOct 29, 2020
Apple Tumbles After IPhone Sales Miss, China Drops 29%
(Bloomberg) -- Apple Inc. shares fell more than 5% after the company reported iPhone sales that missed Wall Street estimates and said revenue in China slumped.The company gave no forecast for the key holiday quarter, disappointing some analysts who were hoping for guidance. However, Chief Executive Officer Tim Cook said the new iPhone 12 line has been well received. Sales of Macs and Services also reached all-time highs in the fiscal fourth quarter.The Cupertino, California-based technology giant on Thursday said sales in the three months ending Sept. 26 came in at $64.7 billion. That beat analysts' estimates of $63.5 billion, according to data compiled by Bloomberg. Earnings came in a 73 cents a share, also topping Wall Street expectations.Sales of the iPhone fell 21% on anticipation of the new models, which arrived later than usual this year. Cook said the response to the 5G iPhone lineup and other new devices has been "tremendously positive."Read more: Apple IPhone 12 5G Line Wins Praise for Lower Prices, New SizesIn Greater China, one of the company's most important regions, revenue fell 29% to $7.9 billion, the lowest since 2014. Products beyond the iPhone grew double digits in China, Luca Maestri, Apple's chief financial officer, said in an interview with Bloomberg Television. He expects the iPhone 12 Pro Max with its larger screen to do "incredibly well" in the region and that the company is confident about growing there in the December quarter.Apple shares declined 5.3% to $109.25 in extended trading, after cl

MarketWatch MarketPulseOct 29, 2020
Kellogg tops earnings estimates and raises guidance as demand for at-home food is high during pandemic
Kellogg Co. posted stronger-than-expected earnings for its third quarter and raised its guidance, as it continued to benefit from demand for at-home food during the pandemic. Kellogg posted net income of $348 million, or $1.01 a share, in the quarter, up from $248 million, or 72 cents a share, in the year-earlier period. Adjusted per-share earnings came to 91 cents, ahead of the 86 cents FactSet consensus. Sales rose to $3.429 billion from $3.372 billion, topping the $3.403 billion FactSet consensus. The company has increased production to meet higher demand during the pandemic, is focusing on fewer items and investing in workers, warehousing labor and transportation capacity. E-commerce sales remained strong, while away-from-home channels have continued to decline. The company is now expecting full-year adjusted EPS to grow about 2%, up from prior guidance of a decline of about 1%. Shares rose 2% premarket, but have fallen 8% in the year to date, while the S&P 500 has gained 1.3%.

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