Apple announces $ 33.4 billion in iPhone sales for Q4 2019, down 9 percent from the previous year
- The largest product of the technology giant is falling for the second year in a row
- Despite iPhone declines, Apple had the best Q4 revenue in company history
- Apple says the growth is now driven by the wearables and services division
Apple's iPhone sales have fallen due to the launch of its most recent models, the iPhone 11 and 11 Pro.
Apple announced today in a call that the iPhone revenue for fiscal Q4 2019 had been $ 33.4 billion, a decrease of nine percent on sales for Q4 2018.
CEO Tim Cook, looking for the silver lining, noted that it deteriorated less than the 15 percent drop between Q4 2017 and Q4 2018.
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FILE – In this June 3, 2019 file photo, Apple CEO Tim Cook, left, and chief design officer Jonathan Ive are looking at a Mac Pro in the presentation room at the Apple Worldwide Developers Conference in San Jose, California. Apple Inc. reports financially earned on Wednesday, October 30. (AP Photo / Jeff Chiu, File)
Despite the cooling of iPhone sales, Apple reported a record revenue of $ 64 billion for the quarter.
The profit came despite currency fluctuations due to the effects of Donald Trump's trade war with China, which, according to Cook, cost the company an additional $ 1 billion.
Apple attributed its success to sales growth of 50 percent in its wearables businesses, including Apple Watch, AirPods and the Beats line of headphones.
FILE – A file photo of an Apple Store in Chicago can be seen on July 24, 2019. Apple Inc. reports financial income on Wednesday, October 30. (AP Photo / Amr Alfiky, File)
Apple says that its wearables activities are now about the same size as its Mac business.
Another major growth factor was the company's emerging Services business, which includes the App Store, iCloud, Apple Music, Apple Arcade, Apple TV +, Apple Pay and Apple Card, a new custom credit card announced in March.
APPLE Q4 2019 PROFIT IN A GLANCE
Apple earned $ 64 billion in total revenue for the quarter.
IPhone sales accounted for $ 33.4 billion, a fall of nine percent on an annual basis.
The most important growth came from Apple's wearables activities, including Apple Watch, AirPods and Beats.
Apple's wearables produce roughly the same revenue as its Mac products.
There were more than three billion transactions via Apple Pay in the quarter.
Apple also announced a new program that allows users to sign up for an Apple Card and use it to buy a new iPhone, with 24 months to pay it off without interest.
The company says it now has $ 260 billion in cash, more than two and a half times the GDP of Puerto Rico.
After a number of adjustments, the company has a $ 108 billion debt.
CFO Luca Maestri says that Apple will continue to work towards a cash-neutral position in the future.
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