Apple earned almost $23 billion in profit for the quarter, but sales are falling

Apple has announced its results for the fourth fiscal quarter. They show that the tech giant’s sales have been declining for the fourth quarter in a row, writes CNBC.

Apple’s revenue in the September quarter decreased by 1% to $89.5 billion. It is noteworthy that only the iPhone business showed growth, with revenue increasing to $43.81 billion.

Instead, revenue from the Mac business decreased to $7.61 billion, and from the iPad to $6.44 billion. Apple’s revenue from services amounted to $22.31 billion in the period.

The manufacturer’s net profit increased to $22.96 billion, or $1.46 per share. A year earlier, the figure was $20.72 billion, or $1.29 per share.

Overall, Apple’s financial results exceeded market expectations. LSEG’s consensus expectations were for the company’s earnings to be $1.39 per share and revenue to reach $89.28 billion. Revenue from the iPhone business was expected to reach $43.81 billion, from the Mac – $8.63 billion, from the iPad – $6.07 billion, and from services – $21.35 billion.

Apple CEO Tim Cook also said that the iPhone 15 is selling better than the iPhone 14 last September.

“If you look at iPhone 15 for that period of time and compare it to iPhone 14 for the same time in the year-ago quarter, iPhone 15 did better than iPhone 14,” he noted.

By the way, it was recently reported that the iPhone 15 Pro Max costs Apple $558 to produce. This is 12% more expensive than the iPhone 14 Pro Max.