Apple’s revenue declines for the third quarter in a row – Kommersant
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In the third quarter ended July 1, Apple’s revenue decreased by 1% to $81.8 billion. Profit rose 2.5% to $19.9 billion. These results were better than analysts’ expectations primarily due to growth in services revenue (this division includes music streaming service Apple Music and video service Apple TV +) – by 8%, to $ 21.2 billion.
After the publication of financial statements, Apple shares fell by 1.3%. Experts attribute this, among other things, to the statement of the corporation’s financial director Luca Maestri that revenue is likely to decline in the next quarter. Apple has not released official forecasts since 2020, citing high uncertainty. In addition, investors could be disappointed by the decline in iPhone sales. Revenue from the sale of the iPhone decreased in the third quarter by 2%, Mac – 7%, and iPad – 20%. At the same time, according to Apple CEO Tim Cook, iPhone sales in China grew by a “double-digit percentage” in the quarter, while overall smartphone sales there decreased by 8%.
“There is real concern about when iPhone sales will pick up and what is the growth horizon for their sales,” said Daniel Newman, CEO of research firm Futurum Group. Investors are also interested in sales prospects for Vision Pro augmented reality headset – Apple introduced its in early June, but sales should begin only at the beginning of next year.
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