Apple beat adjusted earnings and sales expectations, but shares fell

Apple shares fell 1.5% in recent after-hours trading, even though the tech giant’s adjusted earnings and revenue beat expectations.

Net income fell to $14.74 billion, or 97 cents per share, from $22.96 billion, or $1.46 per share, in the same period a year ago.

Excluding a one-time charge of $10.2 billion related to the reversal of the European General Court’s decision on state aid, adjusted earnings per share of $1.64 exceeded the FactSet consensus EPS estimate of $1.60.