Phone sales for the company’s fiscal fourth quarter rose to $42.6 billion, below Wall Street estimates of $43.21 billion, according to Refinitiv IBES.
By contrast, the global mobile phone market overall fell 9% in the quarter just ended, its third consecutive decline for the year, according to data from Canalys.
Samik Chatterjee, an analyst at JP Morgan, had noted lackluster initial demand for entry-level models of the newly unveiled iPhone 14s, but strong consumer appetite for higher-end devices, reflecting Apple’s relatively wealthy customer base. He warned that weaker consumer spending could hurt profits in the next fiscal year.
Sales of Mac computers got a boost with the introduction this summer of the redesigned MacBook Air and MacBook Pro laptops. This week new tablets went on sale.
The company reported that sales of iPads were $7.2 billion, compared to an average estimate of $7.94 billion, while sales of Macs were $11.5 billion, compared to estimates of $9.36 billion.
“Like the iPhones, we expect the macro impacts on the drives to hit the high end at some point,” Barclays hardware analyst Tim Long wrote before the results.
Growth in the company’s services business, which has boosted sales and profits in recent years, saw revenue rise to $19.2 billion, below the estimate of $20.1 billion.
In China, which has experienced a sharp economic slowdown, Apple reported fourth-quarter sales of $15.5 billion, up from the previous quarter, which posted sales of $14.6 billion.
By Dawn Chmielewski and Nivedita Balu of Reuters
Source: Ambito
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