Apple stock drops amid fourth consecutive sales decline.

 

Apple reported its fiscal fourth-quarter earnings, surpassing expectations for earnings per share and revenue. However,

sales declined for the fourth consecutive quarter in all hardware businesses except the iPhone. 

Notable figures included:

Earnings per share: $1.46 (vs. expected $1.39)

Revenue: $89.5 billion (vs. expected $89.28 billion)

iPhone revenue: $43.81 billion (in line with expectations)

Mac revenue: $7.61 billion (below expected $8.63 billion)

iPad revenue: $6.44 billion (vs. expected $6.07 billion)

Wearables revenue: $9.32 billion (vs. expected $9.43 billion)

Services revenue: $22.31 billion (vs. expected $21.35 billion)

Gross margin: 45.2% (vs. expected 44.5%)

The iPhone was the only hardware category to see growth, with iPhone 15 outperforming its predecessor. Mac and iPad sales declined, but new product introductions were expected to boost Mac sales in the following quarter.

Apple's services business, including subscriptions and its Google deal, performed well, recording strong revenue growth. While Apple faced challenges in certain segments, its strong services division and a high cash reserve position the company for continued growth.