Company reports $94.9bn in revenue, slightly beating Wall Street projections in first look at demand for its new phone
Apple reported strong demand for the iPhone 16 in its quarterly earnings report on Thursday, though sales in China slightly decreased year-over-year. The company reported $94.9bn in revenue, up 6% year-over-year, and $1.64 in earnings per share (EPS). The company’s earnings slightly beat Wall Street projections of $94.4bn in sales and an EPS of $1.60.
The company saw $46.2bn in revenue from iPhone sales, up from $43.8bn year-over-year. Fourth-quarter revenue from its services division, which include subscriptions, increased from $22.31bn to $24.97bn year-over-year.
The earnings report is the first look at demand for the iPhone 16, which Apple released days before the end of the fourth quarter. The launch of the latest iPhone was expected to be a boon for Apple in China and could enable it to claw back market share, according to an analysis by market intelligence firm International Data Corporation.
