Despite strong demand for iPhones and its service offerings, Apple has reported a decline in sales, with revenues dipping 1% to $89.5 billion in the three months ending September 30 compared to the same period last year.
This marks the fourth consecutive quarter where sales have fallen year on year for the tech giant. However, Apple’s profits reached $23 billion during this period, partly thanks to record-breaking iPhone sales.
Sales of Mac computers and iPads struggled after an initial post-lockdown surge in interest, contributing to the overall revenue decline.
Yet, the company reported a high demand for its iPhones, achieving a new sales record in this quarter.
Revenue from services such as iCloud and Apple Music also saw a substantial increase, reaching $22.3 billion, up 16% compared to the previous year.
Despite its success in sales and services, Apple has faced challenges related to supply chain issues, which are affecting the delivery of its new iPhone 15 Pro and Pro Max devices.
Apple’s CEO, Tim Cook, reassured investors that the company is working hard to resolve these issues and achieve a supply-demand balance later in the quarter.
He expressed confidence in the strength of Apple’s product lineup as it enters the crucial Christmas trading period.
On the other hand, Apple’s Mac computers experienced a drop in sales, declining to $7.6 billion for the quarter, down from $11.6 billion the previous year.
Also Read: Apple Identifies Issues Causing Overheating In iPhone 15
Apple unveiled its latest iPhone lineup in September, including the iPhone 15, which notably adopted a USB-C cable as the charging standard, following pressure from the European Union.
While sales in China decreased by 2.5%, Mr. Cook highlighted that after accounting for foreign exchange rates, Apple’s business in China grew year on year.
His visit to China in the previous month aimed to address concerns and complications arising from Covid restrictions and US-China tensions.
In March, Cook had emphasized the “symbiotic” relationship between Apple and China, a significant market and manufacturing base for the company.
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