Apple reports $64bn in revenue

31st October 2019 

While iPhone sales continue to slump, the company cites strong performance in wearables and services sales.

Apple announced record quarter four earnings in a statement on Wednesday, reporting $64bn (€57.3bn) in revenue. The company cited strong performance in wearables, such as the Apple Watch and AirPods, as well as its sales services, such as the popular Apple Pay and Apple Music.

Sales of Apple’s latest iPhone continue to slump, despite exceeding investors’ expectations, CNN Business reports.

Based on exceeding investors’ expectations, the company’s CEO Tim Cook said that they were off to “a very, very good start”. CNN reports that iPhone sales are down significantly compared with one year ago.

Apple has in the past been criticised for relying heavily on iPhone sales. Today, it still makes up around half of its revenue however success in other products and services are beginning to buck the trend.

“It was a very broad range of services that set new all-time records, from our payments services to the search ad business to Apple Music, Apple Care, the App Store and cloud services – almost every kind of service we’re in,” Mr Cook said.

The Guardian reports that Apple’s services units have generated $12.51bn (€10.7bn) in fourth quarter revenue, while accessories made up $6.5bn (€5.8bn). It now has 450 million subscribers to its own or third-party services on Apple’s devices, and sales of wearables are up 54 per cent when compared with the previous year.

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