Concerns were mounting over the new iPhone cycle and longer-term issues like the health of the China market and the company’s lucrative relationship with Google, which pays Apple billions of dollars every year to be the default search engine on the iPhone and other devices. That is a notable decline considering the stock already had been underperforming its big tech peers lately. Analysts were projecting 6% growth for the quarter, according to FactSet.Īpple’s shares slipped more than 3% in after-hours trading following the call. And Chief Financial Officer Luca Maestri would only say he expects iPhone revenue to grow for the period. Apple said on its conference call Thursday that it expects overall revenue to be flat compared with the same period last year, which would be below the 5% gain Wall Street was expecting. But that compares with a 10% gain in the previous year’s fourth quarter and a 47% surge in 2021, when the iPhone 13 family launched to surprisingly strong demand.Įxpectations also don’t seem terribly strong for the current quarter ending in December. iPhone revenue for the quarter rose 3% year over year to about $43.8 billion, in line with analysts’ forecasts. The company launched the iPhone 15 family during its usual window about a week before the quarter’s end in late September. At the very least, Apple’s fiscal fourth-quarter results late Thursday indicate that its newest iPhones aren’t off to a raging start.
