Apple Inc. surpassed Wall Street's fourth-quarter fiscal year 2023 earnings per share predictions, posting $1.46 versus the consensus estimate of $1.39. The tech giant also reported a slightly higher revenue of $89.5 billion, a 0.7% year-on-year decrease, beating the projected figure of $89.34 billion. This marked the fourth consecutive quarter of slowing top-line growth.) declined in premarket trading following the company's tepid current quarter guidance issued post-September results.
In terms of product sales, Apple anticipates an increase in iPhone revenue for the current quarter, backed by comments from Qualcomm and recent monthly revenue data from Taiwan Semiconductor. The expected growth in iPhone sales and the Mac refresh are likely to offset a sharp drop in iPad and wearables sales, notably in the smartwatch line.