Apple’s fourth-quarter fiscal revenue rose 6% as iPhone sales rebounded and the company posted growth in all business segments except categories that include wearable devices.
Apple reported Thursday that its total revenue for the three months ended Sept. 28 rose year over year to $94.9 billion, slightly ahead of Wall Street expectations of $94.6 billion. Sales of Apple’s all-important iPhone rose 5.4% to $46.2 billion, reversing two consecutive quarters of sales declines. Apple released the new iPhone 16 in September. This means that this quarter’s results only include about one week’s worth of sales.
Apple CEO Tim Cook said on a conference call that iPhone sales set a sales record in September, with growth in all geographic segments.
Apple’s net income fell 35% year over year to $14.7 billion, or 97 cents per share, due to a one-time tax charge “related to the impact of the reversal of a state aid decision by the European General Court.” . Excluding this charge, Apple said its EPS would have been $1.64. Analysts had expected EPS of $1.60.
Apple’s stock price initially fluctuated between positive and negative territory following the earnings release, but has since settled down to a 1% to 2% decline to about $224 per share.
Mac computer sales increased 1.3% to $7.7 billion, and iPad sales increased 7.8% to $6.9 billion.
The only business category for Apple that declined in the quarter was the wearables, home and accessories group, which includes the Apple Watch, AirPods and the pricey Apple Vision Pro headset. The segment’s net sales were $9 billion, down 3% from the same period last year.
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/cdn.vox-cdn.com/uploads/chorus_asset/file/25697397/STK071_APPLE_N.jpg?w=150&resize=150,150&ssl=1 "Apple is reportedly working on developing “LLM Siri” to compete with ChatGPT")
