Apple’s overall earnings slump despite record iPhone and services revenue

Company posts its fourth consecutive quarter of revenue loss but has shares up about 32.5% so far this year

Apple posted its fourth consecutive revenue loss for the quarter ending in September, with $89.5bn in revenue - a 1% decrease from the previous quarter. The decline was not unexpected, though the total quarterly revenue beat Wall Street predictions of $89.28bn. Apple did enjoy $43.81bn in iPhone revenue and $22.3bn in services revenue for the quarter ending in September - quarterly revenue records, according to Apple CEO Tim Cook.

Despite the expected drop in sales, Apple's stock rose more than 2% ahead of the scheduled earnings call and shares have been up about 32.5% so far this year. The earnings report comes as the company is in the middle of what is typically the busiest quarter, with the holiday season coming up. Investors will likely be looking for details on how the current quarter is faring and the status of demand for the iPhone 15 - released just days before the end of the quarter. Revenue from Macs fell 34% year-over-year to $7.6bn, and iPad revenue fell 10%.