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Apple Reports Fourth Consecutive Quarter of Sales Decline, but Profit Rises

Apple, the tech giant, has announced that it experienced a decline in sales for the fourth consecutive quarter compared to the previous year. However, the company managed to increase its profit thanks to strong performance in iPhone sales and its services division.

In the last quarter, Apple generated a profit of $23 billion from revenue amounting to $89.5 billion, a slight decrease from the same period last year.

Record-breaking iPhone Sales and High Revenue from Services

The CEO of Apple, Tim Cook, revealed that iPhone sales set a new record for the September quarter, while the company’s services unit, which includes products like Apple Music and iCloud, achieved an all-time high revenue of $22.3 billion, marking a 16% increase from the previous year.

With the upcoming holiday season, Cook expressed confidence in Apple’s line of products, stating, “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup.”

Amid widespread global decline in smartphone sales, Apple’s strong performance in September, along with the buzz surrounding the new iPhone 15 lineup, suggests a potential break in the downward trend.

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Factors Affecting Sales and Mac Sales Plummet

Apple faced challenges due to an “uneven macro-economic environment,” including currency exchange rate pressures. Sales of computers, tablets, and connected accessories also declined compared to the previous year. Notably, Mac sales plummeted by half, amounting to $7.6 billion for the quarter. However, this decline was partially attributed to a surge in sales post-covid a year ago.

Apple’s Chief Financial Officer, Luca Maestri, expressed confidence in the Mac lineup and highlighted the positive trend of attracting new users, with half of the buyers during the quarter being new to Apple’s computers.

China Sales and Manufacturing Hub

While Apple’s sales in China slipped, Tim Cook clarified that this decline was mainly due to foreign exchange factors. He emphasized that iPhone sales in mainland China set a new record for the September quarter. Since its establishment in China in 1993, Apple has become a major provider of smartphones, laptops, and consumer electronics in the country. Despite diplomatic tensions and discussions of shifting production to India, China remains Apple’s primary manufacturing hub.

Post-Earnings Market Reaction

Following the release of Apple’s earnings figures, the company’s shares experienced a decline of over 3% in after-market trades, reaching $171 per share.

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