Apple's Q4 revenue and profit exceeded expectations! But its stock price fell after the financial report was released

It is learned that on October 27, Apple announced its revenue and profit for the Q4 quarter ending September 30, exceeding Wall Street's targets. It is one of the few bright spots in the technology industry that has been hit by spending cuts and layoffs due to inflation.

Overall, Apple's revenue grew 8% to $90.1 billion in the fourth quarter, beating expectations of $88.9 billion. Net income was $1.29 per share, beating Wall Street's average estimate of $1.27 per share.

Although Apple's flagship product sales were not as strong as some analysts had said, the fourth quarter still reached record levels. iPhone sales increased to $42.6 billion, a 10% increase in sales compared to the same period last year, exceeding the company's expectations. It is worth noting that the global smartphone market fell 9% overall in the third quarter, which is the third consecutive decline this year.

Computer sales got a boost with the introduction of redesigned Mac Book Air and Mac Book Pro laptops this summer. By comparison, its $11.5 billion in Mac notebook sales was well above analysts’ estimates of $9.36 billion. Apple’s results showed some resilience in the face of a weak economy and a strong dollar that led to disastrous reports from many technology companies.

The new tablet went on sale this week. The company reported iPad sales of $7.2 billion, below expectations of $7.94 billion. On the other hand, Apple's wearables sales, such as AirPods and other accessories, were $9.7 billion, slightly above Wall Street's forecast of $9.2 billion.

Growth in Apple's services business, which has driven sales and profits in recent years, saw revenue rise by $19.2 billion, missing estimates for $20.1 billion.

Maestri said that like other companies in the industry, Apple has experienced weakness in digital advertising. Q4 revenue was $15.5 billion, up from $14.6 billion in the previous quarter.

It is learned that Apple's Chief Financial Officer Luca Maestri said: "Although the exchange rate is very unfavorable to us, our performance is better than we expected." After the Q4 financial report was released, Apple's stock price on the New York Stock Exchange fell 3%.

Editor ✎Estella/

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