Apple's profit fell 3.1% to $13.69 billion in the latest quarter, from $14.13 billion a year ago, largely because of continued declines in iPhone sales. Yet the results beat analysts' expectations and were quickly cheered by investors because of indications that its new iPhone models would be a hit
SAN FRANCISCO — Apple said Wednesday that its profit shrank for the fourth consecutive quarter — the longest such streak since 2016 — but it forecast that better days were ahead.
The tech giant said its profit fell 3.1% to $13.69 billion in the latest quarter, from $14.13 billion a year ago, largely because of continued declines in iPhone sales. Yet the results beat analysts’ expectations and were quickly cheered by investors because of indications that its new iPhone models would be a hit.
Apple reported a 9% fall in iPhone sales in the quarter, smaller than the declines in other recent quarters. More important, the company said it expected strong sales in the current holiday quarter — news that seemed to confirm Wall Street expectations that people like the iPhones introduced last month.
Apple also showed signs of recovery in China, a crucial market where the company had struggled for months. After a drop in sales of roughly 20% in the region over the previous nine months, Apple said sales there were down 2.4% in the last quarter.
The results suggested that the issues causing Apple’s business to shrink in China and elsewhere in recent months had been resolved — or at least temporarily patched.
Apple had blamed some of its struggles in China on the country’s slowing economy and its trade war with the United States. Luca Maestri, Apple’s finance chief, said in an interview Wednesday that those issues were subsiding.
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