Apple Sees Declining Revenues Despite Record iPhone Sales

Apple recently posted its latest fiscal Q4 2023 earnings report which saw the company hit a quarterly revenue of $89.5 billion USD. Despite reaching an iPhone sales revenue high, setting a September quarter record along with a service revenue number hitting an all-time high, the company’s revenue was still down 1% year over year. Apple also saw a quarterly earnings per diluted share of $1.46 USD, up 13% year over year.

Amidst the hardware slump, the company also released a statement from CEO Tim Cook in tandem with the financial reports, “Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services. We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.”

This quarter marks the fourth consecutive quarter of overall revenue decline meaning that the record-breaking iPhone and Services performance did little to offset the weakness. The lackluster performance is not unexpected as the company just announced its new M3 chips its MacBook Pro. These new computers are not yet available for purchase though the new iPhone 15 and Apple Watches were introduced in September. In November, fans can also expect a new iPad for the year which could increase revenues. The report indicated that the Mac, iPad and wearables divisions saw a downward trend this quarter.

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