Despite the fact that there is a significant demand for Apple's iPhones and services like the streaming platform Apple TV+, the company's sales have continued to decline.
In the three months that ended on September 30th, the computer giant said that its revenues were down 1% to $90 billion (or 73.3 billion pounds) in comparison to the corresponding period of the prior year.
Despite a post-lockdown increase in demand, Apple was unable to boost sales of its Mac computers and iPads.
This is the fourth consecutive quarter in which annual sales have been lower than the previous year.
The company informed its shareholders that profits had reached $23 billion, which was assisted by a new record for the number of iPhones that were sold during the time in question.
The amount of money that the company made from digital services such as iCloud and Apple Music reached an all-time high, bringing in $23 billion for the company based in California.
This figure represents almost 16% increase from the previous year. However, it cited concerns over potential supply chain challenges that could impede deliveries of its new iPhone 15 Pro and Pro Max devices as the reason for these concerns.
Tim Cook, chief executive officer of Apple, stated that the company was "working hard to manufacture more." "We do expect that later on this quarter, we'll attain a supply-demand equilibrium," he added. "We're really optimistic about that."
Mr. Cook stated that the company's product lineup was at its strongest ever as the critical Christmas trading period approached. However, the most recent update indicated that other products by Apple had been falling short in terms of captivating customers in recent times.
For instance, the sales of Mac computers decreased to $7.6 billion for the quarter, from $11.6 billion the previous year according to sources.
The company unveiled its most recent iPhone lineup at a conference that was eagerly awaited in September.
After the European Union imposed the change, it was announced that the iPhone 15 will not contain its unique lightning charging connector.
As an alternative, it employs a USB-C cable as the "universally accepted standard." It has also struggled in other areas, such as the Chinese market, where consumers are struggling under the weight of economic uncertainty.
Even while the company reported on Thursday that sales in China had decreased by 2.5%, Mr. Cook stated that after taking into account fluctuations in foreign exchange rates, the company's business in China had grown year on year.
The businessman was caught off guard when he arrived in China the previous month and met with gamers in the city of Chengdu.
It was his second trip to China this year, and the country is an important market for Apple. However, Apple's operations in the country have been hindered by restrictions on Covid and tensions between the United States and China.
Mr. Cook expressed his belief that Apple's relationship with China, a crucial manufacturing base, was "symbiotic" in the month of March.