Apple’s Quarter Beats On Top And Bottom Line But Services, IPhone Sales Come In Light

Apple reported a record $90.1 billon in revenue for its fiscal fourth quarter, up 8%, with EPS of $1.29, both better than expected. The key services sector that includes paid subscriptions to Apple TV+ and Music fell shy of expectations and iPhone sales were a bit light.

Apple stock firmed on the numbers, however, not joining the general tech rout that saw a massive hit to Facebook parent Meta yesterday and Amazon this afternoon.

CFO Luca Maestri said the “record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop.”

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“This quarter’s results reflect Apple’s commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it,” said CEO Tim Cook.

“As we head into the holiday season with our most powerful lineup ever, we are leading with our values in every action we take and every decision we make. We are deeply committed to protecting the environment, to securing user privacy, to strengthening accessibility, and to creating products and services that can unlock humanity’s full creative potential.”

Services sales came in at $19.2 billion, up from $18.3 billion. The company recently announced price hikes to Apple TV+ and Apple Music subscriptions.

IPhone sales of $42.6 billion were up from $38.9 billion in the year earlier quarter. It doesn’t break out different models in its earnings release and there have rumors for weeks that sales of the new iPhone 14 were softer than expected. Wall Street is expecting some clarity on both services and iPhone sales on a call with management starting at 5 pm ET.

The company generated over $24 billion in operating cash flow.

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