CEO Tim Cook highlighted the company's success in China, where iPhone sales grew by double digits amid a declining smartphone market. Total sales in the region rose 8% to $15.76 billion. The company's services segment, which includes Apple TV+, grew over 8% to $21.21 billion, well ahead of analysts’ estimates. Cook also noted the company's growth potential in emerging markets, particularly India, and stated that Apple now has more than 1 billion subscribers to its services platform. Despite the overall decline, Apple's stock is still up more than 50% for the year.
Key takeaways:
- Apple Inc. reported a 1.4% decline in revenue to $81.8 billion in its fiscal third quarter, marking its third consecutive quarter of declining revenues.
- Despite the overall decline, iPhone sales in China helped offset losses, with the company reporting "double digits" growth in the region.
- Apple's services segment, which includes Apple TV+, grew over 8% to $21.21 billion, surpassing analysts' estimates.
- CEO Tim Cook highlighted emerging markets, particularly India, as a significant opportunity for growth, noting that Apple still has a very small market share in the country's smartphone market.