Apple recorded its fourth consecutive drop in sales, billing US$89.5 billion in the fourth quarter of its fiscal year, third of the year; a decrease of 0.72% over the same period last year.
Affected by the drop in computer salesthe iPhone maker nevertheless exceeded analyst expectations in both sales volume and net profit, which was located in 23 billion dollars (+11% over the same quarter last year), according to its results published on Thursday.
The iPhone sales rose 2.8%as the market expected, which helped offset large declines in sales for products such as the Mac and the iPad.
The Cupertino, California-based company navigated a global smartphone crisis better than many of its rivalsbut faces an uneven economic recovery in China, a key market.
Apple said sales for the fiscal fourth quarter through Sept. 30 fell about 1% to $89.5 billion.with nearly $1 billion more in services revenue than Wall Street expected, helping the overall total surpass analyst estimates of $89.28 billion, according to LSEG data.
Net profit increased around 11%. Earnings per share of $1.46 beat analyst expectations of $1.39 per share, according to LSEG. Apple shares, which are up 37% so far this year, closed Thursday up 2%. In operations after the market closed they were down 1.3%.
Apple shares, which are up 37% so far this year, closed up 2% on Thursday. In operations after the market closed they sank 3.4%.
The results do not include most of the sales of the newer iPhone 15 models.
Apple faces tougher smartphone competition this year as Huawei Technologies returns to the field with Chinese-made chips after being virtually shut out of the market for several years by U.S. government trade restrictions.
Apple’s sales in China fell 2.5% to $15.08 billion from $15.47 billion in the fourth quarter of the previous year.
Apple Chief Executive Tim Cook said that after accounting for exchange rates, Apple’s business in China grew year-on-year, driven by iPhone sales and services revenue.
“In mainland China, we set a quarterly record for the iPhone in the September quarter”Cook told Reuters. “We had four of the five best-selling smartphones in urban China.”
Cook also said that two of Apple’s new high-end phone models, the iPhone 15 Pro and Pro Max devices, face supply constraints.
Source: Ambito
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