BUZZ - Apple's gross margin declines in the first quarter, service business growth outlook weighs

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November 2 - ** iPhone maker Apple (AAPL.O) dropped 4.1% in after-hours trading to $324.5 after the company released its fourth-quarter (link) financial report

In the earnings call, Apple stated it expects first-quarter service revenue to grow by 8% to 9%

The company expects first-quarter gross margin to be between 45% and 46%; the chief financial officer said this outlook includes the impact of rising memory chip costs as well as expenses related to Siri artificial intelligence

** According to LSEG data, Apple reported fourth-quarter revenue of $114.48 billion, beating the average analyst estimate of $113.39 billion

** Quarterly earnings per share were $2.10, higher than the expected $1.99

** The company reported Greater China revenue increased to $17.54 billion from $14.49 billion a year earlier, while the market expectation was about $18.58 billion

** As of the close of the previous trading day, the company's share price had risen approximately 25% so far this year

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