Apple beat Wall Street analysts’ sales and profit expectations for the quarter ended September.
The tech giant posted revenue of just over $90 billion in its fiscal fourth quarter, up 8% from the year-ago quarter. Earnings he reached $20.7 billion, up just under 1% from the year-ago quarter.
“Our September quarter record was an effective one despite a challenging and volatile macroeconomic backdrop,” Apple’s CFO Luca Maestri said in a statement. continue to demonstrate our ability to perform to
Apple (AAPL) shares fell more than 1% in after-hours trading on Thursday following the report.
Apple’s product segment sales grew 9% year-over-year to about $71 billion, a slower growth rate from the previous year, but not unexpected. As consumers grapple with high inflation and fears of a potential recession, and with the dollar unusually strong outside the U.S., how likely is Apple to convince users to pay for device upgrades? I was skeptical about whether it would be successful.
In a conference call with analysts after the report, CEO Tim Cook said the company achieved record earnings for the September quarter on the iPhone.
Revenue from the company’s services segment, which includes paid subscriptions to products such as Apple TV+ and Apple Music, was $19.2 billion, up nearly 5% year-over-year and slowing year-over-year growth. The services segment is seen as an increasingly important unit for the company designed to offset slowing growth in some of its hardware businesses.
Investing.com analyst Jesse Cohen said, “Even Apple, like other big tech companies, has weathered a tough environment well, but it’s been hit hard by the deteriorating macro environment and ongoing supply chain woes. We are suffering from the negative impact,” he said. statement.