Apple Posts Record Quarterly Revenue Amid Global Economic Challenges

Apple's financial results for the fourth quarter revenue of $90.1 billion, which is up 8 per cent year over year.

Apple's annual revenue was $394.3 billion, up 8 per cent year over year.

Apple has reported its September quarter earnings and posted record revenue, beating Wall Street's expectations overall, but missing expectations in categories like services. Apple's financial results for the fourth quarter revenue of $90.1 billion, which is up 8 per cent year over year and quarterly earnings per diluted share of $1.29, which is up 4 per cent year over year.

Apple's annual revenue was $394.3 billion, up 8 per cent year over year and annual earnings per diluted share were $6.11, up 9 per cent year over year. The tech giant's business has proved resilient to date even as the growth of many smartphone makers has slowed down amid global economic challenges.

The revenue from iPhones witnessed a healthy growth of 9.6 per cent on the back of the new iPhone 14 series. However, the $42.63 billion fell short of Wall Street’s $43.21 billion estimates. Revenue from Macs stood at $11.51 billion.

“This quarter’s results reflect Apple’s commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it,” Tim Cook, Apple’s CEO, said in a statement.

“As we head into the holiday season with our most powerful lineup ever, we are leading with our values in every action we take and every decision we make. We are deeply committed to protecting the environment, to securing user privacy, to strengthening accessibility, and to creating products and services that can unlock humanity’s full creative potential.”

Meanwhile, owing to a huge demand for the newly launched iPhone 14 Pro, Apple's authorised retail stores are reported to be running out of stock for the iPhone model in India. Rajeev Chandrasekhar, Minister of State For Electronics and IT has said he has spoken to iPhone maker Apple about the situation and that there has been a surge in demand for the iPhone 14 Pro. He also said that Apple is working on the supply chain constraints.

The MoS IT also mentioned that private sales of the iPhone 14 Pro and iPhone 14 Pro models are probably "alternate" supply channels.