For the first time since 2019, Apple has seen a drop in its annual revenue, with a 3% decrease from the previous fiscal year.
2
Declining sales for 4th straight quarter
Despite the popularity of the newest iPhones, the tech giant's sales have been on a downward trend for four consecutive quarters.
3
Profit rises 11%
While Apple's revenue dipped by 1% to $89.5 billion in the most recent quarter, its profit increased by 11% to $22.96 billion.
4
China sales drop
However, the company saw a 2% YoY drop in revenue from China. Cook attributes this decline to China's slow economy that's causing consumers to cut back on spending.
5
Service division growth
Apple's service division saw a 16% increase in revenue, largely due to payments from Google for search engine default status.
6
iPhone sales up
Apple's iPhone sales also rose 3% to $43.8 billion, suggesting that the latest models are well-received by customers.