Apple sales have dipped again in the fourth quarter of 2023, despite a record revenue for iPhone and Services. This is the fourth consecutive quarter of year-over-year sales declines for the tech giant, as it faces challenges from supply chain issues, economic uncertainties, inflation, and slower device sales.
According to press reports, Apple reported a revenue of $89.5 billion for the fourth quarter of 2023, down 1% from the same period last year.
The profit was $23 billion, helped by strong demand for the iPhone 15 lineup and the streaming platform Apple TV+.
The Services segment, which includes iCloud, Apple Music, and Apple Arcade, also hit a new high of $22.3 billion, up 16% from a year before.
However, other segments of Apple’s business struggled to maintain their growth, especially the Mac and iPad categories, which saw sales drop to $7.6 billion and $6.4 billion respectively, down from $11.6 billion and $7.2 billion in the fourth quarter of 2022.
Apple also cited concerns over potential supply chain issues hampering deliveries of its new iPhone 15 Pro and Pro Max devices, which have been in high demand since their launch in September.
Apple CEO Tim Cook said that the company was working hard to ensure greater output and expected to reach a supply-demand balance later this quarter.
Apple also faced challenges in the Chinese market, where sales dipped by 2.5%, amid economic uncertainty and rising cost of living.
However, Cook said that after accounting for foreign exchange rates, the business in China had grown year on year.
Cook also made a surprise visit to China last month, meeting gamers in the city of Chengdu, as the company tries to strengthen its relationship with the key market.
Apple’s annual revenue for 2023 was $383.3 billion, down from $394.3 billion in 2022, marking the first annual decline since 2019.
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Edited by Jesus Chan
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