Apple’s revenue fell again in its latest quarter as rising sales of services and iPhones failed to offset declines elsewhere

The world’s most valuable company narrowly beat estimates but posted another revenue decline — its fourth in a row — with sales falling about 1% to $89.5 billion in the fiscal fourth quarter.

Earnings per share for the three months ended September were $1.46, up more than 13% year over year, also an improvement. Still, investors were hoping for a little more from the tech giant, whose shares fell 1% after the close. Apple shares, which have soared this year, ended the session up 2% at around $177.

iPhone sales, about half of Apple’s total, were $43.8 billion, up from $42.6 billion and a record. There were about a week of new iPhone 15 sales in the September quarter.

Sales of Macs and iPads fell, with Macs falling 33% to $7.4 billion and iPads falling 10% to $6.4 billion. Sales of wearables, home and accessories fell 3% to $9.3 billion.

Services, the fast-growing division that includes Apple Music, Apple Fitness, Apple Arcade, Apple Podcasts, Apple Books, Apple Cloud and the Apple App Store, reported revenue of $22.3 billion, up from $19.2 billion last year — that’s positive. trend for the area.

Last month, Apple raised the price of a handful of subscription services, most notably Apple TV+, which will now cost $9.99 (down from $6.99). An annual subscription costs between $69 and $99. The Apple News+, Apple Arcade Gaming and Apple One packages increase prices in the US and select international markets. In announcing the move, Apple said it was “focused on providing our customers with the best experiences possible by continually expanding our services with high-quality entertainment, content and innovative features.”

The company’s profits are rising amid a huge boom in original theatrical films. Martin Scorsese Flower Moon Killer The Paramount release, which opened in Cannes, has earned $43 million domestically ($87 million worldwide) since its Oct. 20 release. Napoleon Directed by Ridley Scott and starring Joaquin Phoenix, it hits theaters on November 22 via Sony Picture Releasing and opens Thanksgiving with $24 million.

Apple TV+ was seen by all viewers earlier this year Ted Lasso, silo And The last thing he said to me. The third season of Popular is currently underway The Morning Show.

“Apple is pleased to announce record iPhone revenue for the September quarter and record services revenue today,” said CEO Tim Cook. “As we head into the holidays, we now have our strongest lineup ever, including the iPhone 15 lineup and our first carbon-neutral Apple Watch models, an important milestone in our efforts to make all Apple products carbon neutral by 2030.”

“Thanks to the strength of our ecosystem and unparalleled customer loyalty, our installed base of active devices once again reached new record levels across all products and across all geographic segments,” said CFO Luca Maestri. “In the September quarter, our operating performance delivered double-digit earnings per share growth and returned nearly $25 billion to our shareholders as we continued to invest in our long-term growth plans.”

Investors are focused on the outlook for the iPhone 15 in the current quarter, which is typically Apple’s biggest quarter before the holidays, and trends in Mac and iPad sales. Apple warned in August that it expected sales to fall despite tough competition, with a strong quarter in 2022 after earlier supply chain problems.

The market is also nervous in China, partly due to competition from Huawei, Apple’s Chinese rival, and the government’s investigation into Apple’s Chinese manufacturing partner Foxconn, while reports suggest the state wants to ban foreign technology from government agencies. In a conference call after the results, Cook said he was very optimistic about the growth potential in China, which he said was an “incredibly important market” for Apple.

This week, Apple announced that new chips will power its personal computers.