tech

Apple Q4 earnings report: Company logs record quarter despite declining iPhone sales

Apple’s profit dipped 3 per cent to $13.7 billion, but the $3.03 earnings per share(EPS) met analyst projections.

Despite iPhone decline, Apple logs record quarter
Despite iPhone decline, Apple logs record quarter (REUTERS)

Riding once again on its Services and Wearable business even as iPhone sales dropped 9 per cent, Apple has posted a revenue of $64 billion -- an increase of 2 per cent from the year-ago quarter -- for its fiscal 2019 fourth quarter that ended on September 28. Services revenue hit an all-time high of $12.5 billion while global sales accounted for 60 per cent of the quarter's revenue.

"We concluded a groundbreaking fiscal 2019 with our highest Q4 revenue ever, fueled by accelerating growth from Services, Wearables and iPad," said Apple CEO Tim Cook said in a statement.

Apple's profit dipped 3 per cent to $13.7 billion, but the $3.03 earnings per share(EPS) met analyst projections.

With customers and reviewers raving about the new generation of iPhones, today's debut of new, noise-cancelling AirPods Pro, the hotly-anticipated arrival of Apple TV+ just two days away, and our best lineup of products and services, we're very optimistic about what the holiday quarter has in store," Cook elaborated.

Apple forecasts revenue between $85.5 billion and $89.5 billion for its fiscal 2019 first quarter and operating expenses between $9.6 billion and $9.8 billion.

Our strong business performance drove record Q4 EPS of $3.03 and record Q4 operating cash flow of $19.9 billion," said Luca Maestri, Apple's CFO.

We also returned over $21 billion to shareholders, including almost $18 billion in share repurchases and $3.5 billion in dividends and equivalents, as we continue on our path to reaching a net cash neutral position over time," he added. The company is set to launch its video streaming service Apple TV Plus on November 1.

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