Apple (AAPL), boasting a stock price of $171.55 and a market value of $2.78 trillion, released its financial results for the fourth quarter of the 2023 fiscal year, concluding on September 30th. The report unveiled a 0.7% decline in Apple’s revenue to $89.498 billion during the reporting period, marking the fourth consecutive quarter of decline. Conversely, the net profit surged by 11% year over year to $22.956 billion.
Moreover, during the fourth quarter, Apple’s Greater China region saw a decrease of 2.5% in revenue, totaling $15.08 billion compared to the previous year, falling short of market expectations by nearly $2 billion. Notably, the market response to Apple’s newly released iPhone 15 series has been lackluster. According to a report from research firm Counterpoint Research this week, the iPhone 15 series experienced a 4.5% sales drop in China during the first 17 days after its launch compared to the iPhone 14 series.
Nonetheless, during the earnings call, Apple’s CEO Tim Cook addressed analyst questions by stating, “iPhone achieved a September record in mainland China.” In a media interview, he also cited data from the market research company Kantar, saying, “Among the top five best-selling smartphones in urban areas in China, we hold four positions. I recently visited China, and the interaction with customers, employees, and the local community left me very excited.”
Furthermore, Apple’s revenue financial report reveals a year-over-year decline in the sales revenue of all other hardware products, apart from smartphones. On November 2nd, Apple’s stock price increased by 2.07% in local trading, closing at $171.55.
Read Also: Apple M3 Max Benchmarks Show 9% Up Single-Core Performance
