On Thursday, Apple Inc. (AAPL) (-5.6 percent) released better-than-expected quarterly profit and revenue, but iPhone sales disappointed in part because of the late launch of the new iPhone 12 lineup. This model (the first 5G enabled model) was released in mid-October at a later date than in previous years and thus did not contribute at all to the fourth fiscal quarter of the Company, which ended at the end of September.

In addition, the Cupertino-based business like the previous two years did not offer a forecast for the current quarter, the holiday quarter, which has troubled investors who are relying on a good iPhone 12 models.

Apple’s net income was $12.67 billion for the three months ended September, or 73 cents per share, down from 76 cents per share. Earnings, however, were higher than the 71 cents per share, according to FactSet consensus. iPhone sales plunged 20 percent to $26.44 billion, down from $33.36 billion in 2019 and analysts’ prediction of $28.08 billion.

In the third quarter, Amazon.com, Inc. (AMZN)(-5.4 percent) hit the highest quarter in its history, with revenues of more than $96 billion, up 37 percent year-on-year. Earnings per share of the e-commerce giant nearly tripled over the period, supported by the coronavirus crisis that accelerated online shopping. But at the end of the year, traders seem worried about the expected rise in prices by the company.

In the third quarter, income hit $6.3 billion, or $12.37 per share, almost tripled from the same time in 2019 with an EPS of $4.23 per share. The consensus of FactSet was a slightly lower with an EPS of $7.41. Group revenues were up 37 percent to $96.1 billion compared to $69.98 billion a year ago. That strikesthe group’s record quarterly sum and the figure well above consensus of $92.78 billion for the same.

Amazon expects revenue to increase between 28 percent and 38 percent for the fourth quarter of 2020 compared to the fourth quarter of 2019. The forecast sales to remain between $112 billion and $121 billion, thanks to the popularity of Prime Day discounts, delayed due to Covid-19 this year from July to October. The company said it expects operating profit to be in the broad range of $1 billion to $4.5 billion, compared to $4.5 billion.

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