Apple stock was trading lower Tuesday after the technology giant reported lower quarterly revenue and profits.
Apple shares rose more than 2% after the company reported fourth-quarter revenue of $12.9 billion, and profit of $1.09 billion.
Apple CEO Tim Cook had hoped to end the quarter with a profit of around $10 billion.
The company reported lower earnings per share of $0.42, which it attributed to lower iPhone sales and the launch of the new Apple Watch.
The iPhone maker reported lower operating profit and revenue of about $1 billion.
Cook had originally expected earnings of $9 billion.
The company said Tuesday’s profit was $1 million lower than the $8 billion Apple reported last year.
Apple reported a net loss of $4.7 billion for the fourth quarter.
Cook also said that Apple is not planning to take any major corporate action in the fourth quarters.
Cook also said the company is in talks with the federal government to get more support for its patent portfolio.