Apple results, Josh Gilbert, eToro market analyst.
Apple increased its revenue again after four quarters of declines, and iPhone sales were also higher than expected, standing just below $70 billion.
The good news, however, was overshadowed by a drop in sales in China and some weakness in the services segment. The worrying thing is that competition is only increasing in China, one of the most important regions for Apple in the world, and therefore, this drop in sales may not be a one-time thing. Furthermore, the fact that services, which is one of Apple's brightest areas, does not meet expectations will be a cause for concern for investors.
In short, this is an "acceptable" report, but not "magnificent." These results won't light up Wall Street, but there are some positives that investors can take away. It's clear that Tim Cook and his team have work to do in 2024, in what looks to be one of the most difficult periods for Apple in the last decade. Its launch of Vision Pro may be a tailwind to renewed investor optimism, but it won't be an overnight success, and will take time to significantly impact revenue.
