Consumer electronics giant Apple Inc. (AAPL) reported fiscal 2023 third-quarter earnings of $1.26 per share, beating Wall Street analysts’ estimate of $1.19 per share, while its revenue of $81.80 billion matched the consensus estimate. However, the company’s revenue fell 1.4% year-over-year, marking three consecutive quarters of declining sales.
Apple has been hurt by an industrywide slump that has weakened demand for phones, computers, and tablets. AAPL’s iPhone revenue was $39.70 billion for the quarter, nearly a 2% year-over-year decline. Its Mac revenue came in at $6.80 billion, a 7% drop from the corresponding quarter of 2022, while iPad revenue was down approximately 20%.
