Apple saw four consecutive quarters of year-over-year declines in revenue. The last time that happened was in 2001, shortly before Apple launched the iPod after co-founder Steve Jobs returned as chief executive. For its fiscal 2023 that ended in September, sales declined 2.8%.

For Apple’s outlook on the current March quarter, the company said that it expects the services business to grow at a similar pace as it did in the October-to-December period. Total revenue and iPhone sales will be the same excluding about $5 billion in sales due to pent up demand in the January-to-March period last year, the company said.

In China, Apple’s third-largest market, revenue declined by about 13% to $21 billion, missing analyst estimates.

China has been the most concerning aspect of Apple’s business for investors. Homegrown champion Huawei has been gaining ground since getting back into high-end phones to take on Apple. And in recent months, China ordered central government employees to not use iPhones or other foreign phones for work, The Wall Street Journal reported in September.

In January, Apple began offering a rare discount for its latest iPhones in the China market to counteract a downturn.

In the final quarter of 2023, overall China smartphone sales grew 6.6% from the prior year, breaking a 10-quarter streak of declines, according to Counterpoint Research...Read More

Apple Sales Rise in Holiday Quarter, Ending Streak of Declines

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