Apple posted its fourth consecutive revenue loss for the quarter ending in September, with $89.5bn in revenue – a 1% decrease from the previous quarter. The decline was not unexpected, though the total quarterly revenue beat Wall Street predictions of $89.28bn.
Apple did enjoy $43.81bn in iPhone revenue and $22.3bn in services revenue for the quarter ending in September – quarterly revenue records, according to Apple CEO Tim Cook. This also means the record-breaking performances of the iPhone and Services divisions did little to offset weakness elsewhere.
The lackluster performance is somewhat understandable, though. The company just had a launch event for its new M3 chips, MacBooks and an iMac this week, none of which can be bought yet.
And though the new iPhone 15 lineup and Apple Watches were introduced in September, sales of those devices likely did not account for much of this fiscal quarter’s results. We’re also anticipating a November release for new iPads this year, which could further fuel hardware revenue.
Correspondingly, the Mac, iPad and wearables divisions were down this quarter, with the first two taking noticeable hits.
Though Apple drummed up significant interest with the Vision Pro headset earlier this year, that device is far from ready to be sold to the public and is unlikely to hit the market until 2024 at the earliest.
With holiday shopping about to ramp up, as well as more product releases on the horizon, it’s much more likely that the company’s hardware products will have a greater impact on its bottom line next quarter.
