Apple registered a turnover of $89.5 billion in the fourth quarter of its fiscal year, 0.72% less than last year's fourth-quarter figure.
This was the fourth successive quarterly drop for the California-based group, which has been plagued by declining computer sales.
However, the iPhone maker still exceeded analysts’ expectations, reporting a net profit of $23 billion, an increase of 11%, according to a statement released on Thursday.
Sales of its flagship product reached $43.8 billion from July to September, aligning with market expectations and slightly outpacing last year’s $42.6 billion over the same period.
Its services division, which includes the App Store, Apple Music and iCloud, showcased the most significant growth. It tallied earnings to the sum of $22.3 billion, a 16% increase on Summer 2022.
On the other hand, sales of computers, tablets and connected accessories all decreased over the year.
Mac sales in particular suffered, as this period last year had seen a boost in production after delays caused by Covid-19 site closures.
Turnover plunged by over a third to $7.6bn in the last quarter of Apple's fiscal year.
This summer, the global smartphone market hit its lowest level for a third quarter in ten years, according to Counterpoint Research.
This decline was driven by inflation and economic uncertainties, affecting a market that had significantly benefitted from the pandemic in previous years.
