On Thursday, the tech giant Apple reported a 1% revenue dip to $89.5 billion (£73.3 billion) for the three months ending September 30, compared to the same period last year.
The company reported $23 billion in profits, driven by record iPhone sales over the past three months. The latest iPhone 15 came out in September and has been aiding Apple’s sales.
Apple’s shares are down 3% at the time of writing in the pre-market.
Apple sales have been dipping for four quarters, raising concerns about demand for its products and services.
Sales for Macbooks, Mac computers, and iPads dropped following a surge in interest after the lockdown.
Mac computers, for instance, fell to $7.6 billion for the quarter, a drop from $11.6 billion the previous year.
According to Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, “uncertain economic conditions, higher-for-longer narratives, and a slump in China have created a potent force, and not a good one for the likes of Apple. Convincing people to upgrade a loftily-priced iPhone at a time of year that’s already tough on wallets in the current climate just became a much harder task indeed.”
However, Apple Chief Executive Tim Cook said that despite current shortages in sales, the team believes “that later this quarter, we’ll reach a supply-demand balance” .