Proactive Investors - Apple Inc after Thursday’s closing bell reported fourth quarter sales and profits that exceeded Wall Street analysts’ expectations as increased iPhone sales offset a decline in Mac and iPad revenues.
For the quarter ended September 30, 2023, Apple reported revenue of $89.5 billion, ahead of estimates of $89.03 billion but below sales of $90.15 billion achieved in the same period in 2022.
Earnings per share of $1.46 were up 13% year-over-year from $1.29 and beat estimates of $1.39.
Total product revenue was $67.18 billion, down from $70.96 billion in the year-ago quarter, while Services revenue increased from $19.19 billion to $22.3 billion, a 4Q record.
iPhone sales rose from $42.63 billion to $43.8 billion, a record for the September quarter.
However, Mac sales declined drastically from $11.5 billion to $7.61 billion while iPad sales fell from $7.17 billion to $6.44 billion.
Sales of Wearables, Home and Accessories were also lower, down from $9.66 billion to $9.32 billion.
“Our active installed base of devices has again reached a new all-time high across all products and all geographic segments, thanks to the strength of our ecosystem and unparalleled customer loyalty,” Apple’s finance chief Luca Maestri highlighted.
“During the September quarter, our business performance drove double-digit EPS growth and we returned nearly $25 billion to our shareholders, while continuing to invest in our long-term growth plans.”
For the full year, Apple’s sales of $383.29 billion topped estimates of $382.82 billion while EPS of $6.13 was ahead of the expected $6.05.
Investors will be looking to the company’s earnings call at 5pm Eastern Time on Thursday for management’s commentary on its outlook for the key December holiday sales quarter.
Apple shares (NASDAQ:AAPL) traded 0.9% at US$175.85 ahead of the call.
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