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Apple Earns $19.88 Billion Profit Despite 1% Revenue Drop

Apple’s chief financial officer, Luca Maestri, highlighted the success of the company’s affordability programs during a call with analysts. These programs, such as trade-ins, installments, and financing, have contributed to the majority of iPhone sales worldwide. While iPhone sales experienced a decline, Apple saw growth in its App Store and wearables business. The services business, which includes Apple Music, App Store sales, and Apple Pay, reported $21.21 billion in revenue, an 8% increase from the previous year. The wearables business, including the Apple Watch and AirPods, reported a 2% sales growth, reaching $8.28 billion.

Apple plans to continue relying on its existing businesses for most of its sales in the future. Although the company introduced its latest product, the Vision Pro, a high-tech goggle that combines real-world elements with virtual reality, it won’t be available for purchase until next year. Analysts predict that Apple will sell fewer than 500,000 units, a significantly smaller number compared to the approximately 200 million iPhones sold annually.

In the absence of a major new revenue stream, Apple has concentrated on increasing sales in developing markets. The company opened its first stores in India in April, attracting enthusiastic crowds of shoppers. Apple’s sales in India have doubled in recent quarters and continue to grow as more Indians opt for higher-priced smartphones. This positions Apple to benefit from a market that is expected to reach one billion smartphone users by 2026, according to predictions.

While Apple has seen growth in these areas, CEO Tim Cook acknowledged during the call with analysts that the company still has a relatively low market share in India. However, Cook sees this as a substantial opportunity for the company to expand further in the country.

In September, Apple is anticipated to announce a new iPhone and updated models of the Apple Watch. However, industry experts and Wall Street analysts tracking Apple’s supply chain don’t expect any significant design changes or new features. Richard Kramer, a partner at Arete Research, described the iPhone, which is now in its sixteenth year, as being in an “incrementally incremental” phase of improvements.

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