Gadget giant Apple Inc. (NASDAQ: AAPL) Thursday said the sales of iPhone decreased in the fourth quarter, restricting total sales growth to just 1%. However, the results topped the market’s expectations.
Sales of iPhone, the company’s flagship product, decreased 21% from last year to $26.4 billion in the Septemberer-quarter. At $64.69 billion, total revenue was up 1%, which also came in above the estimates.
The tech firm recorded net income of $12.67 billion or $0.73 per share during the three-month period, compared to $13.69 billion or $0.76 per share last year. It was better than the outcome analysts’ had predicted.
Read management/analysts’ comments on Apple’s Q4 results
Apple’s stock has set new records consistently in the past, and the value increased 56% this year alone. The stock declined on Thursday evening, soon after the earnings announcement.