Apple hails revenue rise despite falling iPhone and Mac sales
Apple’s share price has jumped three per cent today after it beat analyst expectations and posted record earnings per share for its fourth quarter.
In the three months to September 30, Apple saw its revenue jump two per cent year-on-year to $64 billion (£49.4 billion), despite iPhone and Mac sales continuing to decline.
This came comfortably above analyst expectations of $62.9 billion (£48.6 billion), while earnings per share jumped four per cent to an all time high of $3.03, once again beating estimates of $2.84 per share.
The positive results came despite net income dropping three per cent to $13.7 billion (£10.58 billion) thanks to a $7 million (£5.41 million) rise in operating costs.
IPhone sales also continued to decline with the late release of its flagship iPhone 11, which came out just nine days before the quarter ended, failing to offset a nine per cent drop to $33.4 billion (£25.8 billion).
Sales of its other core Mac computing line also saw a five per cent decline to $7 billion (£5.41 billion).
These declines were largely offset by a dramatic 54 per cent growth in its wearables division, including watches, headphones and other accessories, coming close behind computing sales a $6.5 billion (£5 billion).
“We concluded a groundbreaking fiscal 2019 with our highest Q4 revenue ever, fueled by accelerating growth from Services, Wearables and iPad,” chief executive Tim Cook said.
“With customers and reviewers raving about the new generation of iPhones, today’s debut of new, noise-cancelling AirPods Pro, the hotly-anticipated arrival of Apple TV+ just two days away, and our best lineup of products and services ever, we’re very optimistic about what the holiday quarter has in store.”