Company posts fourth consecutive revenue loss but its shares have been up about 32.5% so far this year
Apple posted its fourth consecutive revenue loss for the quarter ending in September, with $89.5bn in revenue – a 1% decrease from the previous quarter. The decline was not unexpected, though the total quarterly revenue beat Wall Street predictions of $89.28bn. Apple did enjoy $43.81bn in iPhone revenue for the quarter ending in September – a quarterly revenue record, according to Apple CEO Tim Cook.
Despite the expected drop in sales, Apple’s stock rose more than 2% ahead of the scheduled earnings call and shares have been up about 32.5% so far this year. The earnings report comes as the company is in the middle of what is typically the busiest quarter, with the holiday season coming up. Investors will likely be looking for details on how the current quarter is faring and the status of demand for the iPhone 15 – released just days before the end of the quarter.
