Apple overcomes iPhone slump with strong fiscal 4Q showing
SAN FRANCISCO (AP) — Apple is still running a well-oiled moneymaking machine despite cooling demand for its hottest product, the iPhone.
The latest evidence of Apple’s prowess emerged Wednesday with the release of financial results for the July-September quarter.
Both Apple’s sales and revenue exceeded analyst estimates as the company’s newest iPhones got off to a better start than expected, even though the devices aren’t that much different last year’s models. Even so, iPhone revenue fell 9% from the same time last year.
And Apple signaled its confidence that the momentum will continue in the current quarter, which spans the crucial holiday season. It’s calling for revenue to climb by about 4% from the same time last year.
Apple’s stock gained nearly 2% in extended trading.