Apple achieved a significant milestone in September, recording impressive iPhone 16 sales. During its latest quarterly earnings report, Apple revealed a 6% boost in revenue, reaching $94.9 billion for the July-September period, the final quarter of its fiscal year. The growth was driven largely by iPhone sales, which set a new revenue record, as noted by CEO Tim Cook, with strong performances across all regions. While there was growth in iPhone, Mac, iPad, and Services, Apple saw a slight dip of 3% in wearables.
Despite these revenue gains, Apple’s net income dropped by 35% year-over-year. The decline stems from a €14.3 billion ($15.8 billion) tax payment made to Ireland, following an EU ruling against a past state aid deal. This significant expense impacted Apple’s bottom line despite robust sales, showing how external factors can influence financial outcomes, even as the tech giant continues to break sales records.
